The Central Bank of Nigeria (CBN) has directed banks to suspend imposing cash deposit charges until September 30, 2024.
This directive was conveyed through a circular dated May 6, signed by Director of Banking Supervision, Mr. Adetona Adedeji.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1, after a four-month suspension.
The fees were set at 2 percent for individuals and 3 percent for corporate account holders.
However, the CBN has now extended the suspension of these processing fees until September 30.
In the circular, the CBN referenced its previous letter dated December 11, 2023, which suspended the processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The CBN directed financial institutions to continue accepting cash deposits from the public without charges until the end of the third quarter.
This development is a relief for individuals and corporate account holders who would have incurred significant charges on their cash deposits. The suspension of the processing fees is expected to ease the financial burden on customers and promote economic growth.
