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News

CBN Drops the Hammer: No Charges on Large Deposits

The Central Bank of Nigeria (CBN) has made a significant announcement, suspending the processing fees for large cash deposits. This immediate change, outlined in the ‘Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions,’ will be effective until the close of April 2024.

Under this suspension, deposits beyond N500,000 for individual accounts and N3,000,000 for corporate accounts will no longer incur the previous 2% and 3% processing fees, respectively. The directive applies across all financial institutions regulated by the CBN, bringing relief from charges on cash deposits surpassing these specified limits.

Aliyu Mai Kakee