Regulatory Alerts2024-05-07 | BSD/DIR/PUB/LAB/017/007Re: Processing Fees on Cash Deposits
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits above certain thresholds until September 30, 2024. This means that all financial institutions regulated by the CBN will continue to accept cash deposits without charging any fees during this period. The letter, addressed to all banks and financial institutions, was issued by the CBN's Banking Supervision Department and signed by Dr. Adetona S. Adedeji, the Ag. Director of Banking Supervision.
Banking Supervision Department P.M.B. 12194 Tinubu Square. Lagos.
Email: bsd@cbn.gov.ng Website: www.cbn.gov.ng Tel :.
BSD/DIR/PUB/LAB/017/007 May 6, 2024 LETTER TO ALL BANKS, OTHER FINANCIAL INSTITUTIONS AND NON-BANK FINANCIAL INSTITUTIONS RE: PROCESSING FEES ON CASH DEPOSITS 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.
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.
Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.
Please be guided accordingly.
DR. ADETONA S. ADEDEJI AG. DIRECTOR OF BANKING SUPERVISION