Central Bank of Nigeria (CBN) don suspend processing fees for cash deposits until April.

December 12, 2023

Central Bank of Nigeria (CBN) don announce say dem don suspend processing fees on cash deposits wey banks and other financial institutions dey charge, and e go last till April 2024. Dr Adetona Adedeji, wey be Director, Banking Supervision, sign the circular wey address am to “all banks, other financial institutions and non-banking financial institutions.” Before now, dem bin dey charge a processing fee of two per cent on cash deposits wey pass N500,000 for individuals, according to CBN guide wey dem issue for December 2019. The guide also talk say corporate cash deposits wey pass N3 million suppose get three per cent charge.

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