CBN suspends charges on cash deposits
The Central Bank of Nigeria (CBN) has issued a directive to banks, financial institutions, and non-bank financial institutions to suspend charges for cash deposits exceeding N500,000 for individuals and N3,000,000 for corporate accounts.
The order was conveyed in a letter from the CBN, dated December 11, 2023, and signed by Dr Adetona S Adedeji, the Acting Director of Banking Supervision.
The suspension will be effective until April 30, 2024.
The statement read, “The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”
According to the Apex Bank, the new directive aims to alleviate the financial burden on individuals and corporations, promoting ease of transactions and fostering economic growth.
Previously, on December 20, 2019, the CBN had instructed banks to impose charges on customers for cash deposits above the mentioned thresholds.
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