The Central Bank of Nigeria (CBN) has temporarily halted the processing fees associated with large cash deposits, according to a release by Dr. Adetona Adedeji, the Acting Director of Supervision.
The suspension, effective immediately, applies to individual accounts with deposits exceeding N500,000 and corporate accounts with deposits surpassing N3,000,000.
This development falls under the guidelines outlined in 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). The CBN has stated that this suspension will remain in effect until April 30, 2024.
This move comes as a departure from the CBN’s 2019 announcement, which outlined plans to impose fees on customers for cash deposits and withdrawals as part of an initiative to reduce the reliance on physical currency.
For corporate accounts, the Deposits Money Banks were initially slated to charge a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments exceeding N3,000,000.
However, the recent suspension now means that financial institutions regulated by the CBN will accept all cash deposits from the public without any charges during the specified period.
The CBN’s directive concludes with a reminder for all concerned entities to adhere to the guidelines outlined, signaling a temporary relief for customers making substantial cash transactions until the specified deadline.
