CBN suspends processing fees on large cash deposits

The processing fees for large cash deposits have been suspended by the Central Bank of Nigeria, according to a statement released on Monday by Dr. Adetona Adedeji, Acting Director of Supervision.

The new development relates to deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts under the "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions" published on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042).

According to CBN, the suspension will last until April 30, 2024.

In 2019, the CBN announced that, as part of its efforts to decrease the amount of cash in circulation, it would start charging bank customers who make cash deposits and withdrawals.


Additionally, the CBN announced that the Deposits Money Banks would charge three percent processing fees for deposits over N3,000,000. For corporate accounts, the fees would be five percent for withdrawals and three percent for deposits.

Thus, moving forward, all financial institutions subject to CBN regulation should be able to accept public cash deposits without incurring any fees.

The apex bank stated, "Please be guided accordingly."