Zenith, Access, Other Banks Resume Charges on Deposits, Set Limit For Individual, Corporate Accounts
- Commercial banks and other financial institutions have resumed charges on cash deposits across the country
- The development comes after the CBN suspended the charges following a cash crunch in Nigeria in December 2023
- Bank customers will pay processing charges for cash deposits of N500,000 for individuals and N3 million for corporate entities
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Commercial banks and other financial institutions in Nigeria have resumed processing fees for cash transactions above N500,000 for individuals and over N3 million for corporate accounts.
This development comes as the deadline for temporary suspension set by the Central Bank of Nigeria (CBN) ends.
Source: UGC
Deadline for suspension ends
During the suspension of charges on cash transactions, bank customers enjoyed a waiver of the usual processing fees.
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The suspension commenced in December 2023 and affected cash deposits exceeding N500,000 for individuals and N5 million for corporate accounts. The deadline lapsed on April 30, 2025.
The CBN circular imposing the fee, issued in 2019, set the thresholds for processing charges on cash deposits.
However, the initiative was part of broader regulatory guidelines to encourage bank deposits and manage liquidity in the financial system during cash scarcity nationwide.
According to a ThisDay report, banks sent emails to their customers announcing the resumption of the charges due to this development.
Banks send emails
“We wish to remind you that the Central Bank of Nigeria has temporarily suspended the processing fees on cash deposits above N500,000 for individuals and N3,000,000 for corporates until Tuesday, April 30, 2024.
“During this period, you could deposit cash above these thresholds at any Sterling Branch without incurring the usual two per cent and three per cent processing fees, respectively, for individuals and corporations.
“This is to inform you that effective Wednesday, May 1, 2024, processing fees have been reintroduced on cash deposits exceeding the thresholds.
“This means when you deposit cash above N500,000 (for individuals) and N3,000,000 (for corporates) at any Sterling Branch, the applicable processing fee of two per cent and three per cent will be incurred respectively,” one of the commercial banks said, in an email.
FG asks banks to begin Stamp Duty charges
This comes as the Nigerian government, through the Federal Inland Revenue Service (FIRS), asked commercial banks to begin charging stamp duty on mortgage loans.
The Nigerian government directed commercial banks immediately to deduct a 0.375% stamp duty charge on all mortgage-backed loans and bonds.
Mortgaged-backed loans are facilities given by financial institutions to individuals entitled to acquire a home and repay over time with interest, while bonds are debt or securities issued by governments, municipalities, corporations, or other entities to raise capital.
The commercial banks sent messages to customers informing them of the new directive, saying that the Federal Inland Revenue Service will make the deduction.
CBN adjusts customs exchange rates for cargo clearance
Legit.ng previously reported that the Central Bank of Nigeria (CBN) has again adjusted the Customs exchange rates for cargo at Nigerian ports.
The apex bank fixed the exchange rate for Customs duty collection at N1,441.53 per dollar from the N1,373.64 it fixed the rate two days ago.
The figure represents an increase of N61 from the former amount.
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Source: Legit.ng
