CBN Extends Suspension of Cash Deposit Charges

May 8, 2024

The Central Bank of Nigeria (CBN) has extended the suspension of charges on cash deposits above certain thresholds.

The new directive, effective immediately, will see Nigerians continuing to deposit cash without incurring processing fees until September 30, 2024.

This announcement comes after a brief period of confusion.

On May 1, banks resumed charging processing fees on cash deposits, in response to the CBN’s “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued in December 2019.

These fees were two per cent for individual accounts exceeding N500,000 and three per cent for corporate accounts exceeding N3 million.

The CBN, in a new circular signed by Adetona Adedeji, director of Banking Supervision, referred to a previous suspension of these charges implemented in December 2023 and officially extended that suspension until the end of the third quarter of 2024.

The latest circular reads: “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.