The Central Bank of Nigeria (CBN) has suspended charges on processing fees by Deposit Money Banks (DMBs) with immediate effect.
Ag. Director of Banking Supervision, Adetona S. Adedeji, in a circular to DMBs urged the banks to start accepting cash deposits from the banks without any charges.
“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/DIRIGEN/CIRI07/042.
“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 effective 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,” the Apex Bank said.
