Emmanuel OchayiThe Central Bank of Nigeria (CBN) has halted charges on cash deposits until September 30, 2024.
In a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision, the CBN directed banks to cease the collection of processing fees for cash deposits.
Responding to concerns raised by bank customers regarding the commencement of processing fees for cash deposits on May 1, the CBN clarified its stance. Individuals depositing amounts exceeding N500,000 and corporate account holders depositing over N3 million were previously subject to charges of two percent.
“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.
READ ALSO: CBN Orders Banks To Charge 0.5% Cybersecurity Levy On Transactions
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two percent and three percent previously charged on all cash deposits above these thresholds until September 30, 2024,” stated the circular.
Financial institutions and non-financial institutions were instructed to adhere to the directive, continuing to accept all cash deposits without imposing any charges until the end of the third quarter.
“This decision aims to alleviate financial burdens on individuals and businesses during this period,” commented Adetona Adedeji, Director of Banking Supervision at CBN. “We urge banks to comply promptly and ensure seamless transactions for their customers.”
The directive from CBN comes amidst efforts to mitigate economic challenges faced by Nigerians and promote financial inclusion across the country.
