CBN suspends cash deposit fees until September

The Central Bank of Nigeria (CBN) has extended the suspension of banks’ processing fees on cash deposits above certain thresholds until September 30, 2024.

In a letter signed by Adetona Adedeji, Acting Director of Banking Supervision, the CBN directed that the 2 percent and 3 percent charges on cash deposits above N500,000 for individuals and N3 million for corporates should be further suspended.

In December 2019, the apex bank levied processing fees on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates, as contained in the Guide on Fees of Banks, Other Financial Institutions and Non-Bank Financial Institutions.

However, in December 2023, the bank suspended processing fees for all cash deposits above these thresholds.

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After this extension, “all banks are expected to accept all cash deposits free of charge by September 30, 2024,” the report said.

This follows the federal government’s imposition of a 0.5 percent cybersecurity levy on electronic transactions announced by the CBN, which many have raised concerns about.

Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), expressed deep concern over the cybersecurity levy, citing the challenges faced by businesses and citizens amid ongoing economic reforms.

He also pointed out that companies are already burdened with numerous federal taxes and duties, making it difficult to stimulate economic growth and job creation.