The Central Bank of Nigeria has halted the processing fees on large cash deposits, according to a statement released on Monday by Dr. Adetona Adedeji, Acting Director of Supervision.
The new development relates to deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” published on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042).
According to CBN, the suspension would last until April 30, 2024.
In 2019, the CBN declared that it would begin imposing fees on bank customers who make cash deposits and withdrawals as part of its endeavors to reduce the quantity of cash in circulation.
The CBN recently announced that the Deposits Money Banks would impose three percent processing fees for deposits over N3,000,000 and five percent processing costs for withdrawals from corporate accounts.
“Consequently all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward’
“Please be guided accordingly,” the apex bank said.
Temitope Ajayi is the Senior Special Assistant to the President on Media and Publicity. He denied claims of advocating for… Read More
Hon. Prince Henry Odianosen Okojie has withdrawn from the Edo Central Senatorial by-election. Okojie represents Esan North East/South East in… Read More
An Unbelievable incident has surfaced online, revealing how a man was tied up and left for dead by his wife… Read More
Former presidential aide, Pastor Reno Omokri, remains adamant in his call for disciplinary action against NYSC member Ushie Uguamaye, popularly… Read More
Nike Aeleke, cousin of popular Nigerian singer Davido, recently celebrated her 30th birthday in Lagos Following the celebration, videos surfaced… Read More
Bobrisky, has stirred up reactions with a new video in which he claims to have dated multiple celebrities and insists… Read More
This website uses cookies.