No More Cash Deposit Fees: CBN Suspends Charges Until September 2024

The Central Bank of Nigeria (CBN) has issued a directive to banks to halt charges on cash deposits until September 30, 2024.

This directive was conveyed in a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN.

The decision comes after concerns were raised by customers of Deposit Money Banks (DMBs) regarding the commencement of processing fees for cash deposits as of May 1.

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These concerns were highlighted in emails shared by bank customers.

Previously, individuals were to be charged two per cent on deposits above N500,000, while corporate account holders were to be charged two per cent on deposits above N3 million.

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However, in the latest circular addressed to financial institutions and non-financial institutions, the CBN stated that the processing fees have been suspended.

The circular stated, “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.”

Financial institutions have been directed to continue accepting all cash deposits from the public without imposing any charges until the end of the third quarter.