The Central Bank of Nigeria (CBN) has announced the extension of the suspension of collection of processing charges on cash deposits by commercial till September 30, 2024.
The announcement is contained in it issued in Abuja on Wednesday.
In a circular signed by the Acting Director of Banking Supervision, Adetona Adedeji, the apex bank advised all commercial banks in Nigeria to adhere to the directive.
The statement reads:
“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 202l, 2019.
“The Central Bank of Nigeria (CBN) hereby extends the suspension of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.
“Consequently, all Financials institutions regulated by the CBN should continue to accept all cash deposit from the public without any charges until September 30, 2024.