The processing fees on large cash deposits have been stopped by the Central Bank of Nigeria (CBN).
CBN’s acting Director of Supervision, Dr Adetona Adedeji, revealed this on Monday.
The new rule, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” published on December 20, 2019, with the reference number (FPR/DIR/GEN/CIR/07/042), applies to deposits of N500,000 or more for individual accounts and N3,000,000 or more for corporate accounts.
The suspension will be in effect until April 30, 2024, according to the apex bank.
The CBN further stated that for corporate accounts, Deposit Money Banks would levy 5% processing costs for withdrawals and 3% processing fees for deposits above N3,000,000.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,” CBN stated.