JUST IN: CBN orders banks to suspend charges on deposits till September

The Central Bank of Nigeria (CBN) has issued a directive to banks, instructing them to suspend charges on cash deposits until September 30, 2024.

This directive, contained in a circular dated May 6, 2024, and signed by the Director of Banking Supervision, Adetona Adedeji, comes after customers of some Deposit Money Banks raised concerns about the introduction of processing fees for cash deposits as of May 1.

The banks had planned to charge two percent on deposits above N500,000 for individuals and two percent on deposits above N3 million for corporate account holders.

However, the CBN has extended the suspension of these processing fees, initially introduced in December 2023, until the end of the third quarter of 2024.

In the circular, the CBN instructed financial institutions to continue accepting cash deposits from the public without any charges until September 30, 2024.

This move is aimed at promoting financial inclusion and reducing the burden on customers.

The CBN’s directive applies to all financial institutions and non-financial institutions, and they are expected to comply with the suspension of processing fees until the specified date.