By Ken Afor
The Central Bank of Nigeria (CBN) has announced a prompt halt to the imposition of processing fees on substantial cash deposits.
This change, announced in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions”, will remain in effect until the end of April 2024.
The suspension is applicable to deposits that exceed N500,000 for individual accounts and N3,000,000 for corporate accounts.
Previously, these deposits incurred processing fees of 2% and 3% correspondingly.
All financial institutions under the regulation of the CBN will no longer apply any fees on cash deposits that meet or surpass the specified thresholds, thanks to this new directive.
It would be recalled that in 2019, the CBN announced its intention to impose charges on bank customers for cash deposits and withdrawals, as a measure to minimize the circulation of physical currency.
The CBN has also announced that corporate accounts will incur a processing fee of 5% for withdrawals and 3% for lodgments of amounts 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.
