CBN suspends processing fees on cash deposits till April

The Central Bank of Nigeria (CBN), on Monday, announced the suspension of the processing fees on cash deposits charged banks and other financial institutions till April, 2024.

The suspension is contained in a circular signed by Dr Adetona Adedeji, the Director, Banking Supervision, and addressed to “all banks, other financial institutions and non-banking financial institutions”.

The News Agency of Nigeria (NAN) reports that a processing charge of two per cent was, hitherto, imposed on cash deposits above N500,000 for individuals, as contained in a CBN guide issued in December 2019.

The guide also stipulated a three per cent charge for corporate cash deposits above N3 million.

According to Adedeji, the CBN hereby suspends the charging of processing fees of two per cent and three per cent previously charged on cash deposits above these thresholds with immediate effect.

“The 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,” he said. (NAN)