CBN To Banks: Suspend Charges On Deposits Until September 30

Banks in the country have been asked to stop charges on cash deposits until September 30, 2024.

The Central Bank of Nigeria (CBN) gave the directive through a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji.

It would be recalled that customers of some Deposit Money Banks (DMB) had raised concerns that the financial institutions have begun collection of processing fees for cash deposits as of May 1.

As a result of the alleged moves by the banks, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.

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