The Central Bank of Nigeria (CBN) has immediately suspended the processing fees of two percent and three percent previously charged on all cash deposits above certain thresholds.
This suspension shall remain in effect until 30th of April, 2024, the Central Bank said in a circular signed by Adetona Adedeji, acting director of Banking Supervision.
The circular further stated that consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.
Recall that on 20th of December, 2019, the bank imposed processing charges on cash deposits above five hundred thousand naira for individuals and three million naira for corporations, as contained in the Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.
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