The Central Bank of Nigeria (CBN) has halted the fees associated with the cashless policy, allowing individuals and business organizations to deposit more than the set amount without incurring fees, in response to the nation's increasing cash scarcity and empty ATMs.
The apex bank announced that the two percent and three percent fees on all cash deposits over the designated deposit limits have been stopped in a statement signed by the acting Director, Banking Supervision, Adetona Adedeji.
As stated in the "Guide to Charges by Banks, Other Financial Institutions, and NonBank Financial Institutions," the CBN implemented processing fees on cash deposits over N500,000 for individuals and N3,000,000 for corporations in December 2019.
However, in a circular sent to all banks, other financial organizations, and non-bank financial organizations with the title, “Re: Processing Fees On Cash Deposits”, the apex bank said it “hereby suspends the charging of processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”
ATMs remained vacant in the meantime, as PoS operators—banking agents—increased their fees by more than 200 percent, from N100 to N300 for a N10,000 withdrawal. They argued that the lack of money was the cause of this.
