Bank fees on cash deposits are to cease until September 30, 2024, according to a directive from the Central Bank of Nigeria.
This was revealed by CBN in a circular dated May 6, 2024, which was approved by Adetona Adedeji, Director of Banking Supervision.
After lenders started charging processing fees for cash deposits on May 1, several bank clients expressed concerns.
Banks are required to charge two percent for deposits above N500,000 made by individuals and two percent for deposits over N3 million made by corporate account holders.
According to the latest circular to financial institutions and non-financial institutions, the CBN said the processing fees had been suspended.
“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending 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,” CBN said.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.” [CONTINUE READING HERE]
DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com
Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb
Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters
For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/