ADVERTISEMENT

CBN gives fresh update on bank deposit charges

The CBN has instructed banks to continue accepting cash deposits from customers without imposing fees until the end of the third quarter.

CBN Governor, Olayemi (Yemi) Cardoso  [ChannelsTV]

This directive was communicated through a circular dated May 6, 2024, signed by Adetona Adedeji, the director of Banking Supervision.

Customers of some Deposit Money Banks raised concerns regarding the commencement of processing fees for cash deposits as of May 1.

As reported by Leadership, an email shared by one of the bank’s customers provided evidence of this.

ADVERTISEMENT

The bank had previously announced a two per cent charge on deposits exceeding N500,000 for individuals and N3 million for corporate account holders.

However, the latest circular from the Central Bank of Nigeria (CBN) states that these processing fees have been put on hold.

The circular read, “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.”

The CBN has instructed banks to continue accepting cash deposits from customers without imposing fees until the end of the third quarter.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Nobody will intimidate us for reinstating Emir Sanusi ll - Deputy Gov Gwarzo

Nobody will intimidate us for reinstating Emir Sanusi ll - Deputy Gov Gwarzo

FG postpones tertiary councils inauguration over federal character concerns

FG postpones tertiary councils inauguration over federal character concerns

Kano Emirate: Deputy Gov withdraws accusation against Ribadu

Kano Emirate: Deputy Gov withdraws accusation against Ribadu

5 injured in clash between farmers and cattle herders in Jigawa

5 injured in clash between farmers and cattle herders in Jigawa

Binance executive may die of malaria in Kuje prison - lawyer cries out

Binance executive may die of malaria in Kuje prison - lawyer cries out

Train services continue on Kaduna-Abuja route after Sunday accident

Train services continue on Kaduna-Abuja route after Sunday accident

30m Nigerians to benefit from Lagos-Calabar Coastal Road - Tinubu

30m Nigerians to benefit from Lagos-Calabar Coastal Road - Tinubu

Tinubu inaugurates Lagos-Calabar Coastal road construction, praises Chagoury

Tinubu inaugurates Lagos-Calabar Coastal road construction, praises Chagoury

Your policies are wrongly implemented, Obasanjo lambasts Tinubu

Your policies are wrongly implemented, Obasanjo lambasts Tinubu

Pulse Sports

No space for Lookman, Osimhen as only two Africans make Forbes’ Top 50 highest-paid athletes

No space for Lookman, Osimhen as only two Africans make Forbes’ Top 50 highest-paid athletes

Lookman frontrunner for NFF Player of the Year after historic Europa League heroics

Lookman frontrunner for NFF Player of the Year after historic Europa League heroics

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

ADVERTISEMENT
ADVERTISEMENT