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CBN Orders Suspension Of Charges On Cash Deposits

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Central Bank of Nigeria (CBN) has issued a circular, dated May 6, 2024, directing banks to suspend the collection of processing fees on cash deposits until September 30, 2024.

The circular, signed by the Director of Banking Supervision, Adetona Adedeji, was issued in response to concerns raised by bank customers over the collection of processing fees for cash deposits that began on May 1.

Banks were previously required to charge two percent on deposits above NN500,000 for individuals, and two percent on deposits above N3m for corporate account holders.

However, the CBN has now instructed financial and non-financial institutions to suspend these charges until the end of September 2024. This move is expected to ease the financial burden on bank customers and promote cash deposits in the country.

“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.

BIG STORY

FULL LIST: Tinubu Appoints IBB’s Son, Muhammad Babangida Chairman Bank Of Agriculture, Others As Heads Of Govt Agencies

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President Bola Ahmed Tinubu has appointed Muhammad Babangida, the son of the former military President, as chairman of the revamped Bank of Agriculture.

President Tinubu approved the appointment today, along with seven others. Some of them will serve as chairmen or directors-general of Federal agencies.

Muhammad Babangida, 53, is an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication. He later attended Harvard Business School’s Executive Program on Corporate Governance in 2002.

Others appointed by the President are:

Lydia Kalat Musa (Kaduna State) Chairman, Oil and Gas Free Zone Authority (OGFZA).

Jamilu Wada Aliyu (Kano State) Chairman, National Educational Research and Development Council (NERDC).

The Hon. Yahuza Ado Inuwa (Kano State) is the Standard Organisation of Nigeria (SON) chairman.

Sanusi Musa (SAN, Kano State) is the Chairman of the Institute of Peace and Conflict Resolution(IPCR).

Prof. Al-Mustapha Alhaji Aliyu (Sokoto State) is the Director-General of the Directorate of Technical Cooperation in Africa (DTCA).

Sanusi Garba Rikiji (Zamfara State) is the Director-General of the Nigerian Office for Trade Negotiations (NOTN).

Mrs Tomi Somefun (Oyo State) is the Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC).

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State) has been appointed Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).

 

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

July 18, 2025

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BIG STORY

Buhari Never Wanted To Congratulate Saraki, Dogara After Emerging Senate President, Speaker — Femi Adesina

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Femi Adesina, who served as Special Adviser on Media and Publicity to the late President Muhammadu Buhari, revealed that Buhari was initially unwilling to congratulate Bukola Saraki and Yakubu Dogara after they controversially became Senate President and Speaker of the House of Representatives in 2015.

Adesina shared this in a tribute to Buhari, reflecting on his early experience as the president’s media aide and the difficulty of balancing loyalty with professional duty.

He explained that the incident happened just nine days after he took up the role of presidential spokesman.

According to Adesina, Saraki and Dogara emerged as leaders of the National Assembly against the preference of the ruling All Progressives Congress (APC).

Although their emergence was viewed as defiant, it still adhered to constitutional norms.

“I told the President we needed to congratulate them. He balked. But I stood my ground. He said no, I also said no. I said it would portray him as undemocratic,” Adesina wrote.

He noted that Buhari later agreed to issue the statement, making only a small addition to the final version.

“At the end of the day, he reasoned with me and the statement was written, with him just adding one word,” he stated.

“Keeping to his word is part of the famed integrity. Argue with me. If you have a better point, I’ll agree with you.”

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BIG STORY

Road To 2027: Everyone Afraid Of Atiku — Dele Momodu Claims As He Joins ADC

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Dele Momodu, the publisher of Ovation International, has said that “everyone is afraid” of former vice-president Atiku Abubakar.

He made this remark while giving reasons for leaving the Peoples Democratic Party, PDP, to join the African Democratic Congress, ADC.

Momodu also confirmed that he would be backing Atiku in the 2027 presidential election.

During an appearance on Channels TV on Thursday, Momodu stated that his endorsement of Atiku stems from a strategic understanding of Nigeria’s political dynamics.

He said: “Everybody is afraid of Atiku, and that is exactly why I, Dele Momodu, support him.

“The fear the ruling party has for him shows he remains the most formidable opposition figure today.

“When everyone is trying to discredit or silence a man, it means he’s the one they truly fear.”

Momodu previously ran for president in 2011 and took part in the PDP presidential primaries in 2022.

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