The Central Bank of Nigeria (CBN) has directed banks to suspend charges on cash deposits until September 30, 2024.

This was disclosed in a circular by CBN’s director of banking supervision, Adetona Adedeji, on May 6, 2024.

The directive followed complaints by some Deposit Money Banks (DMBs) customers that the financial institutions have started collecting processing fees for cash deposits since May 1.

The apex bank had, on December 11, 2023, suspended the processing charges placed on cash deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts until April 30, 2024.

However, in the circular to both financial and non-financial institutions, the 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 two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024,” it added.