The Central Bank of Nigeria (CBN) has suspended all forms of processing fees charged on all cash deposits above N500,000 for Individuals and N3,000,000 for corporate thresholds with immediate effect.
According to a circular to all banks, other financial institutions and non-bank financial institutions issued today and signed by Dr. Adetona S. Adedeji, Ag. Director Of Banking Supervision, the suspension shall remain in effect until April 30, 2024.
“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,” it reads.
A processing charge was imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019, under reference FPR/DIRIGENICIR/O7/042.
Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.