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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