The Central Bank of Nigeria has directed all commercial banks and non-bank financial institutions to immediately suspend processing fees on large cash deposits and other transactions.
The CBN’s directive was contained in a circular released on Monday and signed by the acting Director, Banking Supervision, Adetona S. Adedeji.
Recall that the apex bank in a reference under the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019 (FPR/DIR/GEN/CIR/07/042), had placed processing fees on deposits of over N500,000 for individual accounts and N3,000,000 for corporate accounts.
Prior to the change, these deposits attracted processing fees of 2% and 3% respectively.
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CBN has however put a hold on these charges with immediate effect adding, “The suspension shall remain in effect until 30th of April, 2024.”
Consequently, the apex bank noted that it is now mandatory for all financial institutions to comply by not imposing any charge on cash deposits that meet or exceed these thresholds.
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