By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has suspended with immediate effect the 2 percent and 3 percent charges on processing fees previously placed on all cash deposits above N500,000 and N3,000,000 by individuals and corporates respectively.
Acting Director, Banking Supervision, Dr. Adetona Adedeji who disclosed this in a statement on Monday added that the suspension shall remain in effect till April 30, 2024.
The Acting Director stated that: “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 processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates is contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019, under reference FPR/DIR/GEN/CIR//07/042. READ ALSO:
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