CBN Makes Fresh Announcement On Processing Fees On Large Cash Deposits

CBN Makes Fresh Announcement On Processing Fees On Large Cash Deposits

The Central Bank of Nigeria has announced the suspension of processing fees on large cash deposits, as disclosed in a release by the Acting Director of Supervision, Dr. Adetona Adedeji, on Monday.

Read Also Fresh Headache For Parents, Students, Tinubu As ASUU Threatens Fresh Strike With Strong Reason

This adjustment, 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), impacts deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.

Read Also Atiku Receives Dream Shattering News As Bode George Warns PDP Against Fielding Northern Presidential Candidate In 2027

The suspension will be effective until April 30, 2024, as stated by the CBN.

Read Also Top Celebrity S3x Tape Leaks Again (VIDEOS)

In 2019, the CBN had announced its intention to impose charges on bank customers for cash deposits and withdrawals, aiming to reduce the reliance on physical currency. For corporate accounts, the Deposits Money Banks were slated to charge a five percent processing fee for withdrawals and a three percent processing fee for lodgments exceeding N3,000,000.

“Consequently all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward’

“Please be guided accordingly,” the apex bank said.

Stay Updated With More News By Joining Our WhatsApp Group With The Link Below

https://chat.whatsapp.com/HbO11pwVPsL8tBHkSChpMe