CBN directs banks to suspend cash deposit fees till September

The Central Monetary institution of Nigeria (CBN) hasissued a directive tobanks to surrender charging processing fees on cash deposits till September 30, 2024.

The resolution, communicated thru a circular dated Would perhaps well additionally 6, 2024, and signed by the Director of Banking Supervision, Adetona Adedeji, comes in step with concerns raised by financial institution customers referring to basically the most modern imposition of processing fees on cash deposits.

Previously, banks had begun imposing a two per cent payment on cash deposits exceeding N500,000 for folk and a two per cent payment on deposits above N3 million for corporate yarn holders.

Nonetheless, following basically the most modern directive from the CBN, these processing fees gain been suspended.

Within the circular addressed to financialestablishmentsand non-financial establishments, the CBN referenced a earlier letter dated December 11, 2023, which suspended processing fees on cash deposits above specified thresholds.

The suspension, before every part meant to alleviateconcerns raised by customershas now been prolonged till the finish of the third quarter of 2024.

“The Central Monetary institution of Nigeriaherebyextends the suspension of the processing fees of two per cent and three per cent beforehand charged on all cash deposits above these thresholds till September 30, 2024,” the circular said.

As per the directive, financial establishmentsare suggestedto proceed accepting cash deposits from the public with out imposing any fees till the specified date.