The Central Bank of Nigeria has announced the temporary suspension of processing fees on significant cash deposits, as disclosed in a release by the Acting Director of Supervision, Dr. Adetona Adedeji, on Monday.
This adjustment, detailed in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019 (with reference number FPR/DIR/GEN/CIR/07/042), pertains to deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
The suspension will remain effective until April 30, 2024, according to the CBN’s statement.
Previously, in 2019, the CBN had outlined plans to impose charges on bank customers conducting cash deposits and withdrawals as part of initiatives to minimize cash usage. For corporate accounts, Deposit Money Banks were set to levy a five per cent processing fee on withdrawals and a three per cent processing fee on lodgments exceeding 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.
