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CBN suspends processing fees on cash deposits

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The Central Bank of Nigeria (CBN) has immediately suspended the processing fees of 2% and 3% previously charged on all cash deposits above certain thresholds.

This suspension shall remain in effect until April 30, 2024, the Central Bank said in a circular signed by Adetona Adedeji, acting director of Banking Supervision.

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On December 20, 2019, the bank imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporations, as contained in the Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.

“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,” the circular stated.