The Central Bank of Nigeria has directed all banks, other financial institutions, and non-bank financial institutions to suspend the processing charges previously imposed on large cash deposits with immediate effect.
The CBN in a circular signed by Adetona Adedeji, acting director of Banking Supervision, said the suspend shall remain in effect until April 30, 2024.
Recall that apex bank had on Decmber 20, 2019, imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporations, as contained in the Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.
The deposits attracted processing fees of 2% and 3%, respectively.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,” the circular stated.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.