CBN Extends the Suspension of Charging Processing Fees on Cash Deposits Till September 30, 2024
A new directive from the Central Bank of Nigeria (CBN) has extended the suspension of processing charges on cash deposits above specified thresholds for both individuals and corporates until September 30, 2024, to stimulate liquidity and encourage cash deposits.
In a letter signed by the Acting Director of Banking Supervision, Dr Adetona .S. Adedeji, the suspension covers charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates.
This is contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20th, 2019, under reference FPR/DIR/GEN/CIR/07/042.
The letter dated December 11th, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the suspension of 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 20th, 2019, under reference FPR/DIR/GEN/CIR/07/042.
Recall that the CBN had, on December 11, 2023, suspended the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until April 30th, 2024.
The CBN charged all regulated financial institutions to accept all cash deposits from the public without any charges until September 30th, 2024.
