CBN suspends charges on cash deposits until September

The apex bank disclosed this in a circular dated May 6, 2024, signed by Adetona Adedeji, CBN’s director of banking supervision.

On May 1, banks resumed the collection of processing fees on cash deposits.

Based on the directive, 2 percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged 3 percent on deposits above N3,000,000.

According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended until September 30th, 2024.

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