CBN ORDER BANKS TO SUSPEND CHARGES ON DEPOSITS TILL SEPTEMBER
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Deposit money banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to halt processing fees on deposits until September 30, 2024.
The apex bank directed banking institutions to halt processing fees on cash deposits over N500,000 for individuals and N3,000,000 for corporations in a circular.
Adetona Adedeji, Acting Director of Banking Supervision at the Apex Bank, signed the May 6, 2024, directive to deposit Money banks.
The new order was issued concurrently with the CBN’s order for deposit money banks to begin imposing a 0.5% cybersecurity fee on transactions, a move that has provoked protest.
The circular read, “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,” CBN said.
“The Central Bank of Nigeria 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.
“Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024,” the circular read.
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