CBN suspends processing fee on big cash deposits in face of naira scarcity

As the scarcity of the naira persists, the Central Bank of Nigeria, CBN, has suspended the processing fees on big cash deposits.

This was made known 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 CBN stated that the suspension will be in effect until April 30, 2024.

The country’s apex bank further said 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 more than 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.

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