The Central Bank of Nigeria (CBN) has directed commercial banks in Nigeria to immediately suspend the processing fees charged on all cash deposits above certain thresholds.
The banks had since December, 20, 2019, imposed processing charges of 2 per cent on cash deposits above N500,000 for individual accounts and 3 per cent on corporate accounts above N3million.
A circular signed by Adetona Adedeji, acting director of Banking Supervision said the 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,” the circular stated.