The Central Bank of Nigeria, CBN, has suspended charges on cash deposits above the regulatory limits of five hundred thousand for individuals and three million for corporate account holders.
Recall that from September 2019, CBN began to charge bank customers making cash deposits and withdrawals, stating that the objective was to reduce cash in use.
The charges were 3% processing fees for withdrawals and 2% processing fees for lodgements of amounts above N500,000 for individuals while corporate accounts, the Deposits Money Banks (DMBs) would charge 5% processing fees for withdrawals and 3% processing fees for lodgements of amounts above N3,000,000.
Also, in 2022, CBN directed those over-the-counter cash withdrawals by individuals do not exceed N100,000 per week, while corporate entities had a limit of N500,000.
However, CBN has reversed the directive on deposits in a circular by Director, Banking Supervision, Adetona Adedeji, noting that all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.
