Until September 30, 2024, banks are unable to charge for cash deposits, according to a directive by the Central Bank of Nigeria.
This was revealed by the top bank in a May 6, 2024, circular that was signed by Adetona Adedeji, director of banking supervision.
Concerns were voiced by clients of a few Deposit Money Banks regarding the banks’ start of charging processing fees for cash deposits on May 1.
This was seen by our correspondent in an email that one of the bank’s clients shared.
According to the bank’s decision, deposits over N500,000 for individuals and N3 million for business account holders will incur fees of two percent each.
The most recent circular from CBN to financial and non-financial organisations states that the processing fees are no longer in effect.
As stated in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” published on December 20, 2019, the circular said, “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.”
The processing fees of 2% and 3% that were previously assessed on all cash deposits over these thresholds are officially suspended by the Central Bank of Nigeria until September 30, 2024.
Up until the conclusion of the third quarter, banking institutions are required by the apex bank to accept all cash deposits from the general public without levying any fees.
