The Central Bank of Nigeria (CBN) has announced the suspension of charges on cash deposits until September 30, 2024, in a bid to alleviate financial burdens on individuals and corporate account holders.
In a circular dated May 6, 2024, signed by Adetona Adedeji, CBN’s Director of Banking Supervision, the apex bank disclosed the extension of the suspension period, which was previously set to expire.
This decision comes after banks resumed the collection of processing fees on cash deposits on May 1.
The previous directive had mandated a 2 percent charge on individual deposits exceeding N500,000 and a 3 percent charge on corporate deposits above N3,000,000.
However, the latest circular from the CBN states the suspension of these processing fees.
Referring to a previous letter dated December 11, 2023, which suspended the processing charges, the CBN reiterated its decision to extend the suspension until the end of the third quarter of 2024.
The directive instructs financial institutions to continue accepting cash deposits from the public without imposing any charges during this extended period.
This move aims to provide relief to individuals and businesses amid prevailing economic conditions.
