CBN gives fresh update on bank deposit charges

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.

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.