• Thursday, February 22, 2024
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Suspending cash deposit fees will ease businesses burden – LCCI

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The Lagos Chamber of Commerce and Industry (LCCI), has said the Central Bank of Nigeria (CBN)’s recent move to suspend processing fees on cash deposits above specified thresholds, will bring several benefits to businesses and the broader economy.

In a statement, the premier chamber of commerce in Nigeria, said the suspension will eliminate an additional financial burden on businesses and individuals which will contribute to a more conducive business environment.

“This move aligns with the government’s commitment to improving Nigeria’s ranking on the global ease of doing business index, and this also demonstrates responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape,” the statement said.

It said the decision will have a far-reaching positive impact on businesses, contribute to economic growth, and strengthen the overall business climate in the country.

Read also: FIRS mandates banks to remit N50 transfer levy on foreign transactions

The CBN last week, suspended the processing fees on large cash deposits. According to a statement by Adetona Adedeji, the Bank’s acting director of supervision, the development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects deposits above N500,000 for individual accounts and three million naira for corporate accounts.

“The suspension shall remain in effect until April 30, 2024.”
The apex Bank also made known that for corporate accounts, the Deposits Money Banks would charge five percent processing fees for withdrawals and three percent processing fees for lodgments of amounts above three million naira.