The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024.

The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji.

Customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits as of May 1.

Our correspondent sighted this in an email shared by one of the customers of the banks.

Based on the bank’s move, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.

According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.

The circular read, “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 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.”

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

vowiski:
useless trial and error government.

I keep saying, Had it been Peter Obi was the governor of Lagos state...

No African mega city would have been able to come close.

The yorubas hyping Tinubu as their best shows how they love oppression and slavery. That's why one man has been deciding the governor of Lagos since he left the seat of Power.

This madness will never work in any SE/SS state.

How do you clap for a state that generates over 1T a year in IGR with nothing to show? 1 trillion is a whole lot of money, that you won't see 1 single agbero in a mega city. Things should work as seen in other climes.

I have Been to Cape Town, Kigali and Cairo. You will not find one single tout!!!

HarunaWest:
They are trying to mop up all the cash that we have and force cashless down our throat. Gaskiya we are in for a long con ride.

ProtonX:
Short answer is NO. I never have. I have been married for almost a decade and a half and what we have achieved in life as a family is what I never would have dreamed of as a bachelor. I married a woman who looks out for me the way I look out for her. We've built a solid fortress spiritually, physically, financially, etc. I won't have had it this good alone. My life was scattered especially because I was forced to be independent at a young age and I left home at around 17. Sometimes I imagine if I didn't wife her when I did, another man would have cupped this gift that God willingly gave me. TWO GOOD HEADS ARE BETTER THAN ONE. We're not without disagreements sometimes but we've so far maintained a peaceful home. Yes, life gets chaotic but knowing you have a genuine person, no chaos is big enough. Learning and unlearning is constant in our marriage and knowing what God requires of us per time. We have been intentional about our relationship especially when our kids came in the picture. From just date nights enjoying some of our favorite TV shows indoors to trips where we focus on each other and plan the next month, next quarter, etc. We keep a united front before our relatives including our parents, friends, our children, etc. I sometimes re-read my kids' school composition about us as their parents, and I genuinely ball my eyes. God gave me the best gift and I almost lost her wasting time that year. But to God be the glory. No regrets.

Lanretoye:
like anambra Abi?,
The madness can never happen in SE states like ipob madness in Lagos and SW states,there is no agbero in the whole of SE since I don’t know who the 1hundreds of people soludo arrested some time ago were.
Maybe na madness Dey make some people post nonsense for this platform self.

jumper524:
the way Tinubu would be so isolated in 2027 would shock people, the inflation has been biting since subsidy removal, taxation is at all time highest, people are complaining but the man doesnt care instead hes increasing the salaries of the political class while keeping the masses in more taxation.

believe me I supported Tinubu but if he persist with this idea of sucking the masses dry without corresponding compensation in economic improvements, he'll be alone in 2027 and thats a fact.