CBN to banks: Suspend processing fee on deposits until September 30

“Please refer to our letter dated December 11, 2023,
referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing
charges imposed on cash deposits above N500,000 for Individuals and N3,000,000
for Corporates as contained in the “Guide to Charges by Banks, Other Financial
Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”
CBN said.

“The Central Bank of Nigeria (CBN) hereby extends the
suspension of the processing fees of 2% and 3% previously charged on all cash
deposits above these thresholds until September 30, 2024.”

CBN directed financial institutions to continue to accept
all cash deposits from the public without any charges till the end of the third
quarter.