Dr Olayemi Cardoso-led Central Bank of Nigeria (CBN) has suspended the charging of processing fees of two per cent and three per cent on all cash deposits above N500,000 and N3,000,000 by individuals and organisations, respectively, with immediate effect.
The suspended former CBN Governor Mr Godwin Emefiele and his regime at the apex bank introduced this unhealthy policy, which drove a lot of Nigerians away from the banks as most people preferred to keep their hard-earned monies in private safe instead of depositing them in the banks at very outrageous costs.
This was disclosed in a statement issued by the Acting Director, Banking Supervision, CBN, Dr Adetona Adedeji, on Monday, December 11, 2023. The apex bank noted that the suspension will remain in effect until April 30, 2024.
It stated: “Recall the processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019, under reference FPR/DIR/GEN/CIR//07/042.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward. Please be guided accordingly.”
