Central Bank of Nigeria Announces Immediate Suspension of Processing Fees on Large Cash Deposits

Apex Bank Takes Bold Step to Ease Financial Burden on Customers

In a move aimed at providing relief to customers, the Central Bank of Nigeria (CBN) has directed all commercial banks and non-bank financial institutions to suspend processing fees on large cash deposits and other transactions. The directive, outlined in a circular released on Monday and signed by the acting Director of Banking Supervision, Adetona S. Adedeji, comes as a welcome development for account holders across the country.

The apex bank’s decision overturns a previous stance established in a reference under the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,” issued on December 20, 2019 (FPR/DIR/GEN/CIR/07/042). At that time, the CBN had imposed processing fees on deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts, with rates set at 2% and 3%, respectively.

However, the CBN’s recent circular indicates an immediate suspension of these charges, effective until the 30th of April, 2024. The move is part of the central bank’s ongoing efforts to ease financial burdens on customers and promote a more inclusive and accessible financial system.

Financial institutions are now mandated to comply with the directive and refrain from imposing any charges on cash deposits meeting or exceeding the specified thresholds. This decision by the CBN is expected to positively impact individuals and businesses, providing a temporary reprieve from the previously implemented processing fees.

As the financial landscape undergoes changes, the CBN’s commitment to ensuring the welfare of customers remains evident, with this directive being a noteworthy step toward fostering a more customer-friendly banking environment.

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