CBN suspends processing fees on huge cash deposits

THE Central Bank of Nigeria (CBN) has suspended charging processing fees of two and three per cent on all cash deposits above N500,000 and N3,000,000 by individuals and corporate bodies, respectively, with immediate effect.

This was disclosed in a statement on Monday, December 11, by the Acting Director, Banking Supervision, Adetona Adedeji.



    According to the statement, the suspension shall remain in effect until April 30, 2024.

    On December 20, 2019, the CBN imposed processing charges 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’ under reference FPR/DIR/GEN/CIR//07/042.

    The CBN statement on Monday noted that all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges.

    “Please be guided accordingly,” added the statement

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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