Banks have been directed to stop charges on cash deposits until 30th September, 2024.
The Central Bank of Nigeria, CBN made this known in a circular dated May 6, 2024 and signed by Adetona Adedeji, Director of Banking Supervision.
According to the circular, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.
The circular stated further that financial institutions and non-financial institutions should suspend the processing fees.
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 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”
It directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.
Recall that customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits as of May 1.
