The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024.
The apex bank made the announcement in a circular signed by Adetona Adedeji, its acting director of banking supervision, on Monday.
Recall that the immediate past CBN governor, Godwin Emefiele, had, in a bid to promote the cashless policy in the country, implemented the cash deposits limit to check cases of money laundering and other illegal financial transactions.
However, the new directive by the apex bank read, “Please recall that 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 20, 2109, under reference FPR/DIR/GEN/CIR/07/042.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 per cent and 3 per cent 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 charge going forward. “