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The Central Bank of Nigeria (CBN) has recently issued a circular directing banks to suspend charges on cash deposits until September 30, 2024. This decision comes after concerns were raised by bank customers regarding the collection of processing fees for cash deposits starting from May 1.
Prior to this directive, banks were charging two percent on deposits above N500,000 for individuals and two percent on deposits above N3 million for corporate account holders. However, with the latest circular, the CBN has suspended these processing fees.
In its circular, the CBN referred to a previous letter dated December 11, 2023, which had already suspended the processing charges imposed on cash deposits above the specified thresholds. The suspension has now been extended until September 30, 2024.
Financial institutions have been instructed to continue accepting all cash deposits from the public without any charges until the end of the third quarter.
This move by the CBN aims to promote cashless transactions and provide relief to bank customers who were previously burdened with processing fees. It is expected to encourage more individuals and businesses to utilize electronic payment systems and reduce reliance on cash.
