CBN suspends processing fees on cash deposits amidst naira scarcity

The Central Bank of Nigeria (CBN) has suspended the charging of processing fees of 2 percent and 3 percent previously charged on all cash deposits above N500,000 and N3,000,000 by individuals and corporates respectively, with immediate effect.

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

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

Recall the processing charges imposed on cash deposits aboveN500,000 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’ issued on December 20, 2019, under reference FPR/DIR/GEN/CIR//07/042.

“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,” added the statement.