The Central Bank of Nigeria (CBN) has halted the processing fees for cash deposits over N500,000 until April 2024.
The declaration was issued by the apex bank on Monday in a circular that was signed by its acting director of banking supervision, Adetona Adedeji.
In an effort to encourage cashless transactions, the banking authority implemented a 2 percent processing fee for deposits above N500,000 and a 3 percent processing fee for withdrawals on September 18, 2019.
Additionally, the CBN instructed banks to impose processing costs of 5% on withdrawals and 3% on deposits to corporate account holders exceeding N3 million.
Prior to 2019, the apex bank had indicated in February of 2017 that it will be reintroducing fees on large-scale cash transactions nationwide.
In the most recent development on Monday, the regulator urged all banks, financial institutions, and non-bank financial institutions across the nation to accept all cash deposits without any fees, suspending the policy going forward.
The circular read, “The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”
Ozioma Samuel-Ugwuezi
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