CBN suspends processing fees on all cash deposits

The Central Bank of Nigeria (CBN) has ordered all banks and other financial institutions to suspend processing fees charged on cash deposits.

The apex bank, in a circular dated December 11, 2023, addressed to “All Banks, Other Financial Institutions and Non-Bank Financial Institutions”, titled “RE: PROCESSING FEES ON CASH DEPOSITS,” ordered the suspension of processing fees of 2% and 3% previously charged on all cash deposits above N500,000 for individuals and N3 million for corporates.

“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”