Banks has been ordered by the Central Bank of Nigeria to stop charges on cash deposit until September 30, 2024.
The Central Bank of Nigeria revealed this in a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision.
Some bank customers had raised concerns after lenders began the collection of processing fees for cash deposits on May 1.
Corporate account holders are meant to be charged two percent on deposit above N3m, while banks are to be charged two percent on deposit above N500,000 for individuals.
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.
Till the end of the third quarter, the Apex bank has urged the financial institutions to continue to accept all cash deposits from the public without any interest.
