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CBN suspends charges on cash deposits above N500k until April 2024

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The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024.

The apex bank made the announcement in a circular signed by Adetona Adedeji, its acting director of banking supervision, on Monday.

On September 18, 2019, the financial regulator effected a charge of 3 percent for processing fees for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts to promote cashless transactions.

The CBN also directed banks to charge 5 percent processing fees for withdrawals and 3 percent for deposits of amounts above N3 million for corporate account holders.

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Prior to 2019, in February 2017, the apex bank announced plans to re-introduce charges on cash transactions involving huge amounts across the country.

Suspending the policy in the latest development on Monday, the regulator asked all banks, financial institutions and non-bank financial institutions in the country to accept all cash deposits without charges with immediate effect.

“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,” the circular reads.

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“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”

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