Politics
Breaking News: CBN Waives Processing Fees For Significant Cash Deposits
Breaking News: CBN Waives Processing Fees For Significant Cash Deposits....KINDLY READ THE FULL STORY HERE▶
In a recent announcement by the Acting Director of Supervision, Dr. Adetona Adedeji, the Central Bank of Nigeria (CBN) has decided to suspend processing fees on large cash deposits. This adjustment, outlined in 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), pertains to deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts……..CONTINUE READING
According to the CBN, this suspension will be effective until April 30, 2024. This move comes in contrast to the CBN’s 2019 initiative to impose fees on customers engaged in cash deposits and withdrawals, aiming to reduce the prevalence of cash transactions. Specifically, for corporate accounts, Deposits Money Banks were set to charge five percent processing fees for withdrawals and three percent processing fees for lodgments exceeding N3,000,000.
The CBN’s latest directive instructs all financial institutions under its regulation to accept cash deposits from the public without imposing any charges. As the financial landscape undergoes these changes, customers and institutions alike are urged to adhere to these guidelines provided by the apex bank.
Source: Bushradiogist
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