The Central Bank of Nigeria (CBN) has suspended charges on cash deposits until September 30, 2024.
The apex bank made this known in a statement signed by its Director of Banking Supervision, Adetona Adedeji, on Monday.
According to PUNCH, some of the Deposit Money Banks raised concerns that the financial institutions have begun collection of processing fees for cash deposits as of May 1.
READ MORE: CBN Directs Banks To Deduct 0.5% Cybersecurity Levy From Customers’ Electronic Transfers
Based on the bank’s move, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.
The statement 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.”
“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.”
