CBN Suspends Processing Fees On Large Cash Deposits
The Central Bank of Nigeria said it has suspended the processing fees on large cash deposits.
The apex bank made this known in a release by the Acting Director of Supervision, Dr Adetona Adedeji, on Monday.
The CBN had in 2019 declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.
The CBN also made known that for corporate accounts, the Deposits Money Banks would charge five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.
The suspension shall remain in effect until April 30, 2024, CBN said.
“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.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
