CBN Suspends Charges On Cash Deposits In Banks

The Central Bank of Nigeria (CBN) has directed banks to stop charging customers for cash deposits until September 30, 2024.


Customers of some Deposit Money Banks had raised concerns that the banks had begun collecting processing fees for cash deposits as of May 1. The banks had planned to charge two per cent on deposits above N500,000 for individuals and two per cent on deposits above N3m for corporate account holders.

CBN's Circular

In a circular dated May 6, 2024, signed by the Director of Banking Supervision, Adetona Adedeji, the CBN suspended the processing fees. The circular referred to a previous letter dated December 11, 2023, which suspended processing charges imposed on cash deposits above certain thresholds.

Extension of Suspension

The CBN has extended the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above the thresholds until September 30, 2024. The apex bank directed financial institutions to continue accepting all cash deposits from the public without any charges until the end of the period.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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