The Central Bank of Nigeria (CBN) has suspended the processing fees on large cash deposits.
According to a statement on Monday by the acting Director of Supervision, Dr. Adetona Adedeji, the suspension would remain in effect until 30th April, next year.
The ‘Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions’. issued by the bank on 20th December 2019, affected deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts.
In 2019, the CBN had declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.
It also made known that for corporate accounts, the Deposits Money Banks would charge five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.
“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”, the apex bank said.
