The Central Bank of Nigeria (CBN) has with immediate effect suspended all charges tasked all commercial banks.
In a letter dated December 11, 2023 and signed by the Acting Director of Banking Supervision, Dr. Adetona Adedeji, the CBN reminded the commercial banks to stop all charges on cash deposits.
The circular directed that the N500,000 for individuals and N3,000,000 for corporate imposed on cash deposits should be discontinued till April 30, 2023.
"The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. The suspension shall remain in effect until April 30, 2024."
The CBN consequently directed all financial institutions under her regulations to accept all cash deposits from the general public without charges going forward.
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