CBN announces new policy on processing fees for large cash deposits

By Sodiq Adelakun

The Central Bank of Nigeria has suspended the processing fees on large cash deposits, a release by the Acting Director of Supervision, Dr Adetona Adedeji, on Monday revealed.

The new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts.

The suspension shall remain in effect until April 30, 2024, CBN said.

The CBN had in 2019 declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.