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CBN suspends charges on cash deposits till September

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The Central Bank of Nigeria (CBN) has extended the suspension of banks’ processing charges on cash deposits above certain thresholds until September 30, 2024.

In a letter signed by Adetona Adedeji, acting director of banking supervision, the CBN directed that the 2 percent and 3 percent fees charged on cash deposits above N500, 000 for individuals and N3 million for corporates should be further suspended.

In December 2019, the apex bank imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporations, as contained in the Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.

However, in December 2023, the bank suspended the processing fees on all cash deposits above these thresholds.

Read also: Lenders with international licence now 7, as CBN updates list

Following this extension, ‘all banks are expected to accept all cash deposits without any charges until September 30, 2024,’ the report stated.

This comes at the heels of the Federal government’s imposition of a 0.5 percent cybersecurity levy on electronic transactions announced by the CBN, which many have expressed concerns over.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), voiced deep concern over the cybersecurity levy, noting the challenges businesses and citizens face amidst ongoing economic reforms.

He also noted that businesses are already burdened with multiple federal taxes and levies, making it challenging to stimulate economic growth and job creation.