CBN SUSPENDS PROCESSING FEES ON LARGE CASH DEPOSITS
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The Central Bank of Nigeria has issued a fresh directive to all banks, other financial institutions, and non-bank financial institutions in a circular released on Monday December 11, 2023, suspending the processing fees on cash transfers above set limits.
This new development, referenced 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), affects deposits 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.
CBN has however put a hold on these charges with immediate effect. The suspension shall remain in effect until 30th of April, 2024.
Consequently, CBN makes it mandatory for all financial institutions to comply by not imposing any charges on cash deposits that meet or exceed these thresholds.
This development is expected to encourage more significant cash deposits, enhance liquidity, and possibly impact various sectors positively, including small and large businesses.
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