The Central Bank of Nigeria (CBN) has announced the immediate suspension of processing fees on large cash deposits.
The change cited under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions”, will affect deposit of over N500,000 for individual accounts and N3,000,000 million for corporate account.
Previously, these deposits attracted processing fee of 2 percent and 3 percent respectively.
Persecond News reports that this latest action by the apex bank will remain effective until the end of April 2024.
With this fresh directive, all financial institutions regulated by the CBN will cease to impose any charge on cash deposits that meet or exceed these thresholds.
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