By Sunday Etuka, Abuja
The Central Bank of Nigeria (CBN) has announced the extension of suspension of processing charges imposed on cash deposits above N500,000 to September 30, 2024.
CBN had in December, 2023, suspended the processing charges imposed on cash deposits above N500,OOO for Individuals, and for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019.
However, in a letter dated May 6, 2024, referenced BSD/DlR/PUBILAB/017/007, and signed by the Acting Director, Banking Supervision, Dr. Adetona Adedeji, the apex bank announced that the suspension has been extended to September 30, 2024.
The letter said: “The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.
“Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024. Please be guided accordingly”, it said.
