CBN suspends charges on cash deposits above N500,000

All charges on cash deposits of about N500,000 have been suspended until April 30, 2024.

Adetona Adedeji, the Acting Director of Supervision of the Central Bank of Nigeria (CBN), stated this in a statement on Monday.

The CBN maintained that deposit money banks should accept all cash deposits from the public without any charges from now on.

The apex bank had In 2019, directed that it would begin to levy bank customers making cash deposits and withdrawals to reduce cash use.

The CBN had said banks should charge five percent processing fees for withdrawals and three percent processing fees for deposits of amounts above N3,000,000.

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