CBN orders banks to suspend cash deposit charges till September

THE Central Bank of Nigeria (CBN) has directed banks to defer imposing cash deposit charges until September 30 this year.

This information was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.

The banks reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1. 


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The development came more than four months after the apex bank suspended the processing fees on cash deposits above N500,000 until April 30, 2024.

Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.




     

     

    However, according to the latest circular to financial and non-financial institutions, CBN said the processing fees had been suspended.

    The circular read, “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 corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019,” CBN said.

    “The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

    The CBN further directed financial institutions to continue to accept cash deposits from the public without charges until the end of the third quarter.

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    Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: [email protected]. He tweets @UsmanMustapha_M

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