The Central Bank of Nigeria (CBN) yesterday suspended previously charged processing fees on cash deposits for 143 days.
According to the CBN, the suspension was with immediate effect.
The CBN also stated that it was meant to curb the cash scarcity being experienced in some parts of the country and enhance financial transactions by individuals as well as businesses.
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Before the CBN directive, individuals were charged a two per cent processing fee on cash deposits above N500,000. Corporate entities paid a three per cent fee for deposits exceeding N3 million.
With the temporary policy which ends April 30, 2024, individuals and businesses can now deposit any amount of cash without incurring additional charges.
Before the announcement by CBN’s Acting Director of Banking Supervision, Adetona Adedeji, bank customers in the Federal Capital Territory (FCT) had appealed to the apex bank to urgently address the cash crunch ahead of the Yuletide.
Adedeji said in a circular that all CBN-regulated financial institutions have been mandated to immediately comply with the temporary directive.
He explained that the policy change “referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” affects deposits over N500,000 for individual accounts and N3,000,000 for corporate accounts.”
A CBN source disclosed that: “Efforts are currently being made to move cash to where the scarcity is hardest,”
