The Central Bank of Nigeria (CBN) has temporarily eliminated processing fees on substantial cash deposits, as revealed by Dr. Adetona Adedeji, the acting Director of Supervision at the CBN, on Monday. This adjustment, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019 (reference number: FPR/DIR/GEN/CIR/07/042), applies to deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
The suspension of processing fees is slated to remain in effect until April 30, 2024, according to the CBN. The central bank further specified that, for corporate accounts, Deposits Money Banks will impose a five per cent processing fee on withdrawals and a three per cent processing fee on deposits exceeding N3,000,000.
In light of these changes, the CBN has instructed that all financial institutions under its regulation should accept cash deposits from the public without imposing any charges going forward.
