Abuja, May 8, 2024 – The Central Bank of Nigeria (CBN) has again directed banks to suspend charges on cash deposits until Sept. 30, 2024.
The CBN gave the directive in a new circular to all banks and financial institutions dated May 6, 2024 and signed by Adetona Adedeji, CBN Director of Banking Supervision.
The apex bank had earlier suspended the charges in 2023, but bank resumed the collection at the expiration of the deadline on May 1.
The new 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 (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.” (GBN)
