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CBN to banks: Suspend processing fee on deposits until September 30

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4 weeks ago

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The Central Bank of Nigeria (CBN) has suspended charges on
cash deposits until September 30, 2024.

 

The apex bank disclosed this in a circular dated May 6,
2024, signed by Adetona Adedeji, CBN’s director of banking supervision.

 

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On May 1, banks resumed the collection of processing fees on
cash deposits.

 

Based on the directive, 2 percent was to be charged on
deposits above N500,000 for individuals, while corporate account holders were
to be charged 3 percent on deposits above N3,000,000.

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According to the latest circular to financial institutions
and non-financial institutions, CBN said the processing fees have been
suspended.

 

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“Please refer to our letter dated December 11, 2023,
referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing
charges imposed on cash deposits above N500,000 for Individuals and N3,000,000
for Corporates as contained in the “Guide to Charges by Banks, Other Financial
Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”
CBN said.

 

“The Central Bank of Nigeria (CBN) hereby extends the
suspension of the processing fees of 2% and 3% previously charged on all cash
deposits above these thresholds until September 30, 2024.”

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CBN directed financial institutions to continue to accept
all cash deposits from the public without any charges till the end of the third
quarter.



Source link: Nigerianeye

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