CBN Announces New Date For Banks to Begin Charges on Cash Deposits

• The Central Bank of Nigeria has decided to move the date on its plan to reintroduce processing fees for cash deposits
• This development comes as the earlier temporary suspension initiated in December 2023 ended on May 1
• When the charges resume on the new date, bank customers will pay charges for cash deposits of N500,000 for individuals and N3 million for corporate entities

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has set September 30, 2024, as the new date for implementing charges on cash deposits.

This was disclosed in a circular dated May 6, 2024, and signed by Adetona Adedeji, the CBN's director of banking supervision.

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Legit.ng had earlier reported that banks were expected to resume processing fees for cash transactions on May 1, 2024.

You will recall that in December 2023, CBN suspended charges on cash transactions due to cash scarcity. The waiver was expected to end on April 30, 2024.

Banks are meant to charge 2% on deposits above N500,000 for individuals, while corporate account holders are to be charged 2% on deposits above N3 million.

CBN suspends cash deposit charges

In a new circular, Punch reports that the resumption of processing fees has now been suspended, and financial institutions will continue to accept cash deposits from the public without charges until the end of the third quarter of 2024.

The circular reads:

“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.

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“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

CBN adjusts customs exchange rates for cargo clearance

Legit.ng previously reported that the Central Bank of Nigeria (CBN) has again adjusted the Customs exchange rates for cargo at Nigerian ports.

The apex bank fixed the exchange rate for Customs duty collection at N1,441.53 per dollar from the N1,373.64 it fixed the rate two days ago.

The figure represents an increase of N61 from the former amount.

Source: Legit.ng