CBN orders banks to suspend charges on cash deposits till September

The Central Bank of Nigeria (CBN) has directed banks in the country to stop charges on cash deposits until September 30, 2024.

CBN gave the directive in a circular dated May 6, 2024, and signed by its director of Banking Supervision, Adetona Adedeji.

The circular read: “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.

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“The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.

“Consequently all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.”

The apex bank had earlier directed banks to resume charges for cash deposits exceeding N500,000 for individual accounts and N3 million for corporate accounts.

This was disclosed via a notice issued by First Bank on Monday, May 6.

First Bank noted that the new directive took effect on May 1.

The bank stated that 2 per cent will be charged on cash deposits above N500,000 while 3 per cent is charged on deposits above N 3 million.

The Star