The Central Bank of Nigeria (CBN) has directed banks to stop charging customers for cash deposits until September 30, 2024.
Background
Customers of some Deposit Money Banks had raised concerns that the banks had begun collecting processing fees for cash deposits as of May 1. The banks had planned to charge two per cent on deposits above N500,000 for individuals and two per cent on deposits above N3m for corporate account holders.
CBN's Circular
In a circular dated May 6, 2024, signed by the Director of Banking Supervision, Adetona Adedeji, the CBN suspended the processing fees. The circular referred to a previous letter dated December 11, 2023, which suspended processing charges imposed on cash deposits above certain thresholds.
Extension of Suspension
The CBN has extended the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above the thresholds until September 30, 2024. The apex bank directed financial institutions to continue accepting all cash deposits from the public without any charges until the end of the period.