The Central Bank of Nigeria has announced the temporary suspension of processing fees on large cash deposits, according to a statement released on Monday by Dr. Adetona Adedeji, the Acting Director of Supervision.
This new development, 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), specifically affects deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
The suspension is set to be in effect until April 30, 2024, as stated by the CBN. This move comes in contrast to the CBN’s 2019 declaration, which involved levying fees on bank customers for cash deposits and withdrawals as part of an initiative to reduce the use of physical cash.
For corporate accounts, the CBN had previously outlined a policy where Deposits Money Banks would charge a five percent processing fee for withdrawals and a three percent processing fee for lodgments exceeding N3,000,000.
In the recent announcement, the CBN emphasized that all financial institutions under its regulation are required to accept cash deposits from the public without imposing any charges during the specified period. The directive serves as a temporary relief for individuals and businesses dealing with large cash transactions.