CBN Suspends Charges on Cash Deposits Until September 30, 2024

By Iyojo Ameh

The Central Bank of Nigeria (CBN) has announced the suspension of charges on cash deposits until September 30, 2024. This decision, conveyed through a memo dated May 6, 2024, and signed by Adetona Adedeji, Director of Banking Supervision at CBN, extends the previous suspension initiated on December 11, 2023.

The memo references the CBN’s letter dated December 11, 2023, which suspended processing charges imposed on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporations.

These charges were outlined in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019.

According to the memo, the CBN stated: “The Central Bank of Nigeria (CBN) 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.”

This decision by the CBN is expected to alleviate financial burdens on businesses and individuals, fostering a conducive environment for economic activities amidst prevailing economic challenges.