The Central Bank of Nigeria has suspended the processing fees on large cash deposits, which was imposed on customers in 2019.
The apex bank disclosed the decision in a new directive to all banks, other financial institutions, and non-bank financial institutions.
The CBN had in a circular dated December 29, 2019 with reference number: FPR/DIR/GEN/CIR/07/042 introduced three per cent processing charges on cash deposits above N500,000 for individuals and three per cent charges for corporates deposits above N3m.
But, the apex bank had set aside the directive in a circular dated December 11, 2023, with reference number: FPR/DIR/GEN/CIR/07/042.
The CBN in the fresh circular directed all financial institutions to suspend the three per cent and five per cent charges.
CBN 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.”
CBN Suspends Processing Fee Imposed On Large Cash Deposits By Emefiele is first published on The Whistler Newspaper