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CBN suspends processing fees on Large Cash Deposits

The Central Bank of Nigeria (CBN) has announced the removal of processing charges on large deposits

The Central Bank of Nigeria has issued a new directive to all banks, other financial institutions, and non-bank financial institutions, suspending the processing charges previously imposed on large cash deposits.

“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.

The new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts.

CBN said the suspension shall remain in effect until April 30, 2024.

Earlier in 2019, the CBN had declared that it would begin to levy bank customers making cash deposits and withdrawals to reduce cash in use.

The CBN also made known that for corporate accounts, the Deposits Money Banks would charge 5% processing fees for withdrawals and 3% processing fees for lodgments of amounts above N3,000,000.