CBN Directs Banks to Halt Deposit Charges

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Yemi Cardoso, CBN Governor

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

CBN’s decision was communicated through a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision.

The move comes after customers of some Deposit Money Banks lamented that processing fees for cash deposits had been introduced as of May 1.

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The fees, which were set at 2 per cent on deposits above N500,000 for individuals and N3 million for corporate accounts, have now been suspended according to the latest circular issued to financial and non-financial institutions.

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CBN said:

Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending 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 20, 2019.

“The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”

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