July 21, 2024
CBN Tells Banks To Suspend Processing Fee on Deposits Until September 30
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CBN Tells Banks To Suspend Processing Fee on Deposits Until September 30

The Central Bank of Nigeria, CBN, has directed financial institutions to suspend charges on cash deposits until September 30, 2024.

The Directive was communicated in a circular dated May 6th and signed by Adetona Adedeji, the CBN’s Director of Banking Supervision.

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Recall that on 1st of May, banks resumed the collection of processing fees on cash deposits, and based on the directive, 2 percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged 3 percent on deposits above N3,000,000.

According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.

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