CBN has waived the processing fee for significant cash deposits in response to a shortage of the national currency.
The Central Bank of Nigeria, CBN, has decided to halt the processing fees on substantial cash deposits. This information was conveyed by Dr. Adetona Adedeji, the acting Director of Supervision at CBN, on Monday. The recent change, outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019 (reference number FPR/DIR/GEN/CIR/07/042), impacts deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.
This suspension, as declared by the apex bank, will be effective until April 30, 2024. Additionally, CBN revealed that, for corporate accounts, Deposits Money Banks will impose a five percent processing fee on withdrawals and a three percent processing fee on deposits exceeding N3,000,000.
As per CBN’s statement, starting from now, all financial institutions regulated by the CBN are obligated to accept cash deposits from the public without applying any charges.
Source:
DailyPost
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