CBN Stops Processing Fees on Large Cash Deposits

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.