CBN Temporarily Halts Charges on Cash Deposits Until September 2024

How undergraduates and graduates can apply for CBN TIES loan
How undergraduates and graduates can apply for CBN TIES loan

The Central Bank of Nigeria (CBN) has issued a directive to banks, suspending charges on cash deposits until September 30, 2024.

In a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision at the CBN, the apex bank addressed concerns raised by some bank customers following the initiation of processing fees for cash deposits on May 1.

Previously, banks were authorized to levy two percent charges on deposits exceeding N500,000 for individuals, and two percent on deposits surpassing N3 million for corporate account holders.

However, in light of the recent circular, the CBN has temporarily suspended these processing fees.

The circular states, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of two percent and three percent previously charged on all cash deposits above these thresholds until September 30, 2024.”

Financial institutions are instructed to accept all cash deposits from the public without any charges until the end of the third quarter, as per the directive from the CBN.

This move by the CBN aims to alleviate the financial burden on bank customers during this period.