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.
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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.
