Politics

The CBN directs banks to halt charging for any cash deposits

The Central Bank of Nigeria (CBN) has ordered banks to suspend charges for all cash deposits above N500,000 for individuals and N3,000,000 for corporates.

TheNewsGuru.com (TNG) reports this is contained in a letter CBN addressed to all banks, other financial institutions and non-bank financial institutions.

The letter, signed by Dr. Adetona S. Adedeji, CBN’s Acting Director of Banking Supervision, was dated December 11, 2023.

Recall that the apex bank had in a circular issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042, ordered banks in the country to charge customers for cash deposits above
N500,000 for individuals and N3,000,000 for corporates.

“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% 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,” the CBN’s letter reads.