CBN gives banks instructions to stop charging deposits until September.

The Nigerian Central Bank has ordered banks to cease charging cash deposits as of September 30, 2024.

On May 6, 2024, the top bank’s circular revealing this information was signed by Adetona Adedeji, the Director of Banking Supervision.

Concerns were expressed by customers of several of the deposit money banks about the banks’ May 1st start of processing fees for cash deposits.

On deposits over N500,000 for individuals and over N3 million for business account holders, the bank has chosen to impose two percent.

In its latest circular, the CBN informed both financial and non-financial organisations of the suspension of processing fees.

“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 corporations as contained in the ‘Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions’ issued on December 20, 2019,” the CBN stated in the circular.

“The Central Bank of Nigeria…hereby extends the suspension of the 2% and 3% processing fees previously charged on all cash deposits above these thresholds until September 30, 2024.”

The top bank gave instructions for banking institutions to keep taking public cash deposits without charging anything until the end of the third quarter.