CBN directs banks to suspend charges on deposits

The Central Bank of Nigeria (CBN) has suspended charges on cash deposits until September 30, 2024.

The apex bank disclosed this in a circular dated May 6, 2024, signed by Adetona Adedeji, CBN’s director of banking supervision. On May 1, banks resumed the collection of processing fees on cash deposits. Based on the directive, 2 percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged 3 percent on deposits above N3,000,000.

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