Central Bank of Nigeria (CBN) has taken a significant step by suspending processing fees on large cash deposits.
According to the latest update in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions.” This change, effective immediately, will endure until the end of April 2024.
The suspension pertains to deposits surpassing N500,000 for individual accounts and N3,000,000 for corporate accounts.
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Previously, these deposits were subject to processing fees of 2% and 3%, respectively.
Following this directive, all financial institutions regulated by the CBN are now required to refrain from imposing any charges on cash deposits meeting or surpassing these specified threshold.