In a significant relief for bank customers, the Central Bank of Nigeria (CBN) has announced the suspension of processing fees on cash deposits. This suspension is set to last until September 30, 2024.
Issued on May 6, 2024, a circular from Adetona Adedeji, CBN's Director of Banking Supervision, put a hold on the charges that were introduced at the start of May. Initially, the policy allowed banks to apply a two percent fee on individual deposits exceeding N500,000 and a similar fee on corporate deposits over N3 million.
Responding to feedback and concerns from consumers about these fees, the latest CBN circular addressed to both financial and non-financial institutions marks a pause on this fee structure. "Following our previous communication on December 11, 2023, we are extending the suspension of the two percent and three percent fees on deposits beyond the stated thresholds, initially detailed in our 2019 'Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions'," the statement clarified.
This decision mandates all banking institutions to process cash deposits without levying any additional charges, effective immediately and continuing through the end of the third quarter of 2024.
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