The Central Bank of Nigeria (CBN) has announced the suspension of charges on cash deposits below N500,000 until April 30, 2024.
The decision, communicated in a statement on Monday and signed by Adetona Adedeji, the Acting Director of Supervision at CBN, marks a temporary relief for bank customers.
In 2019, the CBN had introduced charges on cash deposits and withdrawals as part of its efforts to minimize the use of physical cash.
The initial directive required banks to impose a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments exceeding N3,000,000.
However, the new directive emphasizes that Deposit Money Banks (DMBs) should now accept all cash deposits from the public without any charges during the specified period.
This move aims to facilitate smoother transactions for bank customers, offering a brief respite from the previously imposed fees until April 30, 2024.
