Cardoso To Banks: Suspend cash deposit processing fees until March 31

The Central Bank of Nigeria (CBN) has extended the suspension of cash de- posit processing fees from September 30, 2024 to March 31, 2025, according to a Nairametrics report. The report said the CBN announced this in a letter to banks and other financial institutions in the in the country. Prior to the order, banks had resumed the collection of processing fees on cash deposits on May 1st this year. While 2 percent was charged on depos- its above N500,000 for individuals, corporate account holders were to be charged 3 percent on deposits above N3,000,000.

However, on May 7 the regulator suspended the fees until September 30, 2024 but the CBN’s suspension letter reads: “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) here- by extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. “The previous suspension, set to expire on September 30, 2024, has now been ex- tended until March 31, 2025. “This suspension pertains to the 2 per- cent and 3 percent fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,’ issued on December 20, 2019.” The apex bank directed all financial institutions to continue accepting cash de- posits from the public without any charges during the specified period.