CBN orders banks to suspend cash deposit fees for three months

The Central Bank of Nigeria (CBN) has directed banks to suspend cash deposit fees until September 30, 2024.

This was disclosed on May 6, 2024 in a circular by the CBN Director of Banking Supervision, Adetona Adedeji.

The directive followed complaints from some customers of deposit money banks (DMBs) that the financial institutions have started charging processing fees on cash deposits since May 1.

The apex bank had on December 11, 2023 suspended processing charges on cash deposits above N500,000 for personal accounts and N3,000,000 for corporate accounts until April 30, 2024.

However, in the circular to financial and non-financial institutions, the CBN said: “Please note our letter dated December 11, 2023 with reference BSD/DIR/PUB/LAB/016/023 on the above subject where we suspend processing fees. “ is levied on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the “Guide to Fees of Banks, Other Financial Institutions and Non-Bank Financial Institutions” dated December 20, 2019.”

“The Central Bank of Nigeria hereby extends the suspension of the two percent and three percent processing fees hitherto levied on all cash deposits above these thresholds until September 30, 2024,” it added.