The Central Bank of Nigeria has announced the suspension of charges on cash deposits until September 30, 2024, in a move to ease financial burdens on bank customers.

The directive, contained in a circular dated May 6, 2024, and signed by the CBN’s Director of Banking Supervision, Adetona Adedeji, comes after concerns were raised by bank customers regarding the collection of processing fees for cash deposits starting from May 1.

Under previous regulations, banks were required to impose a two per cent charge on cash deposits above N500,000 for individuals and above N3 million for corporate account holders.

However, the CBN’s latest circular states, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

The apex bank directed financial institutions to accept all cash deposits from the public without any charges until the end of the third quarter.