THE Central Bank of Nigeria (CBN) has suspended processing charges on large cash deposits for all banks, financial institutions, and non-bank financial institutions.

The change, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2019, affects deposits over N500,000 for individual and N3,000,000 for corporate accounts. Previously, these deposits attracted processing fees of 2% and 3%, respectively.

The CBN has suspended charges until April 2024, responding to the changing financial landscape and depositor needs in Nigeria.

The CBN directive requires financial institutions to avoid charges on cash deposits exceeding certain thresholds, potentially boosting liquidity and benefiting various sectors, including small and large businesses.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: