CBN
CBN suspends processing fees on cash deposits
The Central Bank of Nigeria has suspended the charging of processing fees of 2 percent and 3 percent previously charged on all cash deposits above N500,000 and N3,000,000 by individuals and corporates respectively, with immediate effect.
This was disclosed in a statement on Monday by the Acting Director, Banking Supervision, Dr Adetona Adedeji.
According to the statement, the suspension shall remain in effect until April 30, 2024.
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Recall the processing charges imposed on cash deposits aboveN500,000 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, under reference FPR/DIR/GEN/CIR//07/042.
“Consequently all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward’
“Please be guided accordingly,” added the statement.
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