The Central Bank of Nigeria (CBN) has made a noteworthy move by ceasing to charge processing fees for large cash deposits.
The most recent version of the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” states as much. This modification is effective right now and will be in place until the end of April 2024.
Deposits beyond N500,000 for individual accounts and N3,000,000 for corporate accounts are subject to suspension.
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Processing costs for these deposits used to be 2% and 3%, respectively.
All financial institutions under CBN regulation must immediately abide by this direction and not charge any fees for cash deposits that reach or exceed the designated threshold.
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