CBN suspends charges on cash deposit with immediate effect till May, 2024

The Central Bank of Nigeria (CBN) has suspended charges on cash deposits charged by commercial banks across the country. The CBN’s directive to banks takes immediate effect and till further notice, but not later than April 30, 2024.

The banks had hitherto charged a processing fee of 2 per cent on cash deposits above N500,000 for individual accounts and 3 per cent on corporate accounts above N3m.

This was disclosed in a statement by the CBN’s acting director, Banking Supervision, Dr. Adetona Adedeji.