CBN instructs Banks to suspend charges on cash deposits
The Central Bank of Nigeria (CBN) has directed commercial banks to temporarily suspend charges on customers’ cash deposits until September.
This directive from the CBN was issued in a circular signed by the Director of Banking Supervision, Adetona Adedeji.
This followed protest by customers of some Deposit Money Banks who kicked against collection of processing fees for cash deposits, which returned on May 1, reported Tv360 .
In a previously issued directive the CBN ordered commercial banks to charge two per cent on all deposits above N500,000 for individuals, and two percent on corporate account holders’ deposits above N3 million.
However, in its current circular, the apex bank has ordered money deposit banks to suspend the charges till the end of the third quarter.
“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.”
“The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”
CBN urged banks to continue to accept customers’ deposits without charges to their accounts for the next three months.
