Stop charges on cash deposit, CBN directs banks
The Central Bank of Nigeria (CBN) has directed banks to stop charges on cash deposits until September 30, 2024.
CBN disclosed this in a circular dated May 6, 2024, and signed by its Director of Banking Supervision, Adetona Adedeji.
Some bank customers had raised concerns after lenders began the collection of processing fees for cash deposits on SERAP gives FG 48-hr ultimatum to reverse CBN’s 0.5% cybersecurity levy
The Socio-Economic Rights and Accountability Project ( SERAP) has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria.
SERAP also threatened to deal in legal action against the government if it failed to reverse the levy within a 48-hour timeframe.
The non-governmental organisation stated this Tuesday via its Twitter handle, calling for the immediate reversal of what it regarded as levy ‘imposition’.
SERAP tweep @SERAPNigeria stated, “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians.
“We’ll see in court if the directive is not withdrawn within 48 hours.”
The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.
A circular from the apex bank seen on Monday disclosed that the implementation of the levy would start two weeks from then.
The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.
Banks are meant to charge two per cent on deposits above N500,000 for individuals, while corporate account holders are to be charged two per cent on deposits above N3m.
According to the latest circular to financial institutions and non-financial institutions, the CBN said the processing fees had been suspended.
“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”
The apex bank directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.
