Ola ‘Kiya, Reporting
THE Central Bank of Nigeria (CBN) has suspended the regime of 2 per cent and 3 per cent cash deposit processing charges on N500,000 for individuals and N3 million for corporate bodies with immediate effect.
In a statement signed by Dr. Adetona Adedeji, Ag. Director of Banking Supervision, the CBN said the suspension would subsist room April 30, 2024.
The apex bank charged all financial institutions regulated by the CBN to henceforth ccept all cash deposits from the public without any charges.
Stonix News reports that the regime was introduced by the embattled former CBN governor, Godwin Emefiele, on December 20, 2019.
The statement read in part:
LETTER TO ALL BANKS, OTHER FINANCIAL INSTITUTIONS AND NON-BANK FINANCIAL INSTITUTIONS
RE: PROCESSING FEES ON CASH DEPOSITS
Please recall the processing charges imposed 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 Non- Bank Financial Institutions issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042.
The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% 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.
Please be guided accordingly.
