The Central Bank of Nigeria (CBN) has mandated that financial institutions cease imposing charges on cash deposits, as outlined in a circular issued on May 6, 2024.
The directive, signed by Mr. Adetona Adedeji, Director of Banking Supervision, will remain in effect until September 30, 2024.
Prior to this mandate, banks levied a 2% fee on individual deposits exceeding N500,000 and on corporate deposits surpassing N3,000,000. The CBN’s circular suspends the processing fees delineated in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,” issued on December 20, 2019.
The decision to extend the suspension of these processing fees coincides with a notable increase in currency outside the banking system, which rose by 10.67% to N3.63 trillion in March 2024.
 has mandated that financial institutions cease imposing charges on cash deposits, as outlined in a circular issued on May 6, 2024.){kind=link}