Why CBN Stopped Charges On Bank Deposits

The Central Bank of Nigeria (CBN) has ordered all banks to stop charges on cash deposits until September 30, 2024.

GWG.ng reports that the apex bank disclosed this in a circular  signed by its Director of Banking Supervision, Adetona Adedeji.

Customers of some of the Deposit Money Banks had raised concerns that the banks have begun collection of processing fees for cash deposits as of May 1.

This was sighted in an email shared by one of the customers of the banks..

Based on the bank’s move, two percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two percent on depos­its above N3 million.

According to the latest cir­cular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.

The circular reads, “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,” CBN said.

“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.”

The apex bank directed fi­nancial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.

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