Central Bank of Nigeria Suspends Charges on Cash Deposits

The Central Bank of Nigeria (CBN) has directed banks to stop charges on cash deposits until September 30, 2024.  CBN disclosed this in a circular dated May 6, 2024, and signed by its Director of Banking Supervision, Adetona Adedeji. Some bank customers had raised concerns after lenders began the collection of processing fees for cash deposits on May 1.

Banks are meant to charge two per cent on deposits above N500,000 for individuals, while corporate account holders are to be charged two per cent on deposits above N3 million.

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

“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.”