Thursday, April 3, 2025
Home Business CBN SUSPENDS PROCESSING FEES ON LARGE CASH DEPOSITS

CBN SUSPENDS PROCESSING FEES ON LARGE CASH DEPOSITS

The Central Bank of Nigeria has issued a new directive to all banks, other financial institutions, and non-bank financial institutions, suspending the processing charges previously imposed on large cash deposits.

This is contained in a statement signed by the Director corporate communication Department Sidi Hakama

This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2019 (FPR/DIR/GEN/CIR/07/042), affects deposits over N500,000 for individual accounts and N3,000,000 for corporate accounts. Previously, these deposits attracted processing fees of 2% and 3%, respectively.

Effective immediately, the CBN has put a hold on these charges.

This suspension is a significant shift in policy and will remain in effect until the end of April 2024. The move is seen as a response to the evolving financial landscape and the needs of depositors across Nigeria.

The directive mandates all financial institutions regulated by the CBN to comply by not imposing any charges on cash deposits that meet or exceed these thresholds. This development is expected to encourage more significant cash deposits, enhance liquidity, and possibly impact various sectors positively, including small and large businesses.

RELATED ARTICLES

UPDATE ON PAYMENT OF UNINSURED SUMS TO DEPOSITORS OF HERITAGE BANK (IN-LIQUIDATION)

In response to concerns raised by depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, the...

SAVE THE CONSUMERS CONDEMNS MULTICHOICE’S DISCRIMINATORY PRICING BETWEEN NIGERIAN AND SOUTH AFRICAN SUBSCRIBERS.

The executive Director save the consumer Dr. Aliyu Ilias, a non-governmental organisation committed to defending consumer rights, strongly condemns the recent 21% price increase...

HERSHOWCASE 2025: EMPOWERING WOMEN ENTREPRENEURS TO TRADE BEYOND BORDERS.

The Nigerian Export Promotion Council (NEPC) in collaboration with the International Trade Centre (ITC), is set to host HerShowcase 2025 in Abuja, Nigeria, under...

Most Popular

FG CALLS ON IOCs IN NIGERIA TO RAMP UP INVESTMENT .

The Federal Government has called on International Oil Companies (IOCs) operating in Nigeria to ramp up investments in the country’s oil and gas sector,...

UPDATE ON PAYMENT OF UNINSURED SUMS TO DEPOSITORS OF HERITAGE BANK (IN-LIQUIDATION)

In response to concerns raised by depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, the...

NNPC LTD READY FOR INITIAL PUBLIC OFFER .

The Nigerian National Petroleum Company Limited says,  is at the final stage of getting listed in the capital market, in keeping with the provisions...

SAVE THE CONSUMERS CONDEMNS MULTICHOICE’S DISCRIMINATORY PRICING BETWEEN NIGERIAN AND SOUTH AFRICAN SUBSCRIBERS.

The executive Director save the consumer Dr. Aliyu Ilias, a non-governmental organisation committed to defending consumer rights, strongly condemns the recent 21% price increase...

Recent Comments