CBN suspends charges on cash deposits above N500k

The Central Bank of Nigeria has suspended processing fees on cash deposits above N500,000 to ease the cash crunch.

The apex bank in a circular to all banks, other financial institutions and non-bank financial institutions stated that this suspension will remain in effect until April 30, 2024.

Before the decision, announced in a circular signed by the CBN’s acting director of banking supervision, Adetona Adedeji, Nigerians who have been grappling with the 3 per cent processing fees on deposits and 2 per cent for withdrawals exceeding N500,000, implemented since September 18, 2019.

The circular states, “Please recall the 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, under reference FPR/DIR/GEN/CIR/07/042.

“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 per cent and 3 per cent previously charged on all cash deposits above these thresholds with immediate effect.

“This suspension shall remain in effect until April 30, 2024. Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”