Gom Mirian
The Central Bank of Nigeria (CBN) has announced the suspension of processing fees on large cash deposits until April 30, 2024.
Dr Adetona Adedeji, the Acting Director of Supervision at CBN, made this public in a statement on Monday.
The new development, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued last year, will affect individual accounts with deposits above N500,000 and corporate accounts with deposits above N3,000,000.
Adedeji stated that the suspension, which was implemented to reduce cash usage, will remain in effect until April 30, 2024. He said moving forward, all financial institutions regulated by the CBN are required to accept cash deposits from the public without any charges.
“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.
