Select theme:

Search

Newsletter image

Subscribe to the Newsletter

Join 10k+ people to get notified about new posts, news and tips.

Do not worry we don't spam!

GDPR Compliance

We use cookies to ensure you get the best experience on our website. By continuing to use our site, you accept our use of cookies, Privacy Policy, and Terms of Service.

  • Home
  • Business
  • CBN suspends processing fee on large cash deposits amid naira scarcity

CBN suspends processing fee on large cash deposits amid naira scarcity

Published on December 12, 2023 at 07:57 AM

CBN suspends processing fee on large cash deposits amid naira scarcity

The Central Bank of Nigeria, CBN, has suspended the processing fees on large cash deposits.

This was disclosed by CBN’s acting Director of Supervision, Dr Adetona Adedeji, on Monday.

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.

The apex bank said the suspension will remain in effect until April 30, 2024.

The CBN also disclosed that for corporate accounts, the Deposits Money Banks would charge five per cent processing fees for withdrawals and three per cent processing fees for deposits of amounts above N3,000,000.

“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,”; CBN stated.

  • Share:
Amaka Esther

Amaka Esther

Organ harvesting: Nigerian government vows strict measures
Prev Article

Organ harvesting: Nigerian government vows strict measures

Next Article

Rivers crisis: Dump PDP, join us – APC woos Wike

Rivers crisis: Dump PDP, join us – APC woos Wike

Related to this topic:

Comments (0):

Be the first to write a comment.

Post Comment

Your email address will not be published.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