The Central Bank of Nigeria (CBN) has announced the temporary suspension of processing fees on large cash deposits. Dr. Adetona Adedeji, the acting Director of Supervision at CBN, revealed this information on Monday. The modification, outlined in 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), impacts deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
The apex bank specified that this suspension will remain in effect until April 30, 2024. Additionally, CBN highlighted that, for corporate accounts, Deposits Money Banks would impose a five percent processing fee for withdrawals and a three percent processing fee for deposits exceeding N3,000,000.
As a result, CBN declared that all financial institutions regulated by them are required to accept cash deposits from the public without any charges moving forward.
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