The Central Bank of Nigeria (CBN) has suspended all charges on cash deposits for four months.
The CBN, in a circular to financial institutions and non-financial institutions, signed by its Director of Banking Supervision, Adetona Adedeji, directed banks to stop the charges until September 30, 2024.
Banks are meant to charge two per cent on deposits above N500,000 for individuals, and two per cent for corporate account holders on deposits in excess of N3 million.
However, bank customers had raised concerns after banks began collection of the processing fees for cash deposits on May 1.
The CBN directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of September.
