Financial institutions and deposit money banks have been instructed by the Central Bank of Nigeria (CBN) to halt processing fees for deposits until September 30, 2024. The apex bank in a circular dated May 6, 2024, mandated banking institutions stop charging processing fees for cash deposits over N500,000 for private customers and N3,000,000 for businesses.
According to the circular signed by the apex bank’s Acting Director of Banking Supervision, Adetona Adedeji. “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,” CBN said.
“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.
“Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024,” the circular read.
The fresh directive came at a time the CBN instructed deposit money banks to start charging 0.5% cybersecurity levy on transactions, a development that has sparked outrage.
