The Central Bank of Nigeria has announced the suspension of processing fees on large cash deposits, as revealed in a statement by the Acting Director of Supervision, Dr. Adetona Adedeji, on Monday.
This new development, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, affects deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
The suspension is effective until April 30, 2024, according to the CBN.
In 2019, the CBN had introduced charges on bank customers for cash deposits and withdrawals as part of its strategy to reduce the reliance on physical currency.
For corporate accounts, the Deposits Money Banks were previously charging five per cent processing fees for withdrawals and three per cent processing fees for lodgments exceeding N3,000,000.
The recent directive from the CBN instructs all regulated financial institutions to accept cash deposits from the public without any charges during the specified period.
