Victor Ezeja
The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024. This was announced in a circular issued on Monday by the CBN acting director of banking supervision, Adetona Adedeji.
The apex bank had on the 18th of September, 2019, imposed a 3 per cent charge as processing fees for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts to promote cashless transactions. It also directed banks to charge 5 per cent processing fees for withdrawals and 3 per cent for deposits of amounts above N3 million for corporate account holders.
Join our WhatsApp ChannelBefore then, Prime Business Africa recalls that the financial regulator had in February 2017 announced plans to re-introduce charges on cash transactions involving huge amounts across the country.
Suspending the policy with a new directive on Monday, CBN directed all banks, financial institutions and non-bank financial institutions in the country to accept all cash deposits without charges with immediate effect.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This 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,” read the circular.
