All financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”
By Deborah Hassan
365Daily – In a bid to address scarcity of cash across the country, the Central Bank Of Nigeria (CBN) has announced the suspension of the charges on cash deposits above five hundred thousand naira.
In December 2019, the CBN had imposed processing charges 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 NonBank Financial Institutions.”
However, in a statement signed by its acting Director, Banking Supervision, Adetona Adedeji, on Monday, the apex bank stated that the two per cent and three per cent charges have been suspended.
Titled, “Re: Processing Fees On Cash Deposits”, the bank said it “hereby suspends the charging of processing fees of two per cent and three per cent 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.”