CBN suspends cash deposit fees until 30 September

The Central Bank of Nigeria (CBN) has prolonged the halt on banks’ processing fees for cash deposits exceeding specified thresholds until September 30, 2024.

Adetona Adedeji, the acting director of banking supervision, penned a directive instructing the continued suspension of the 2 percent and 3 percent fees applicable to cash deposits surpassing N500,000 for individuals and N3 million for corporate entities.

Initiated in December 2019, the apex bank’s imposition of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporations was detailed in the Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions.

Read also:

• 
  Nigeria takes bold step to protect domestic workers as bill advances
• 
  FG, Benue partner to transform livestock sector, unlock $74bn growth potential
• 
  NDDC empowers 300 Niger Delta rice farmers with N200,000 starter packs

However, in December 2023, the CBN suspended these processing fees for all cash deposits exceeding the aforementioned thresholds.

With this recent extension, all banks are mandated to accept cash deposits without levying any charges until September 30, 2024, according to the report.

This development follows closely after the Federal government’s introduction of a 0.5 percent cybersecurity levy on electronic transactions, a move announced by the CBN that has sparked concerns among many.

Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), expressed profound apprehension regarding the cybersecurity levy. He highlighted the hurdles faced by businesses and citizens amidst ongoing economic reforms, emphasizing the strain caused by existing federal taxes and levies on businesses, hindering efforts to spur economic growth and job creation.