The Central Bank of Nigeria (CBN) has ordered banks to stop charges on cash deposits until September 30, 2024 which was made known in a circular signed by CBN, Director of Banking and Supervision, Adetona Adedeji. Customers of some banks expressed their concern that banks have begun collecting processing fees for cash deposits as of May 1, 2024.
In a move to address customers’ concern, the circular issued by the apex bank stated, “Please refer to our letter dated December 11, 2023 referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporate as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”
