Azeez Folorunso
THE Central Bank of Nigeria (CBN) has suspended the processing charges imposed on cash deposits above Five Hundred Thousand Naira (N500,000.00) for Individuals and Three Million Naira (N3,000,000.00) for corporate entities as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on 20 December 2019, under reference FPR/DIR/GENICIR/07/042.
A letter addressed to all banks, other financial institutions, and non-bank financial institutions dated today,11th December 2023, and signed by Dr. Adetona S. Adedeji, AG. Director of Banking Supervision, the apex bank says the suspension takes immediate effect. It will subsist till 30th April 2024.
The letter read thus: “Please, recall the processing charges imposed on cash deposits above N500,000 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/GENICIR/07/042.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“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.”
Eighteen-Eleven Media