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.