The Central Bank of Nigeria (CBN) has announced an immediate suspension of processing fees on large cash deposits.
This change, announced in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions”, will remain in effect until the end of April 2024.
The suspension applies to deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts. Previously, these deposits attracted processing fees of 2% and 3%, respectively.
With this fresh directive, all financial institutions regulated by the CBN will cease to impose any charges on cash deposits that meet or exceed these thresholds.