CBN suspends processing fees on cash deposits till April

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1 year ago

The Central Bank of Nigeria (CBN) has suspended the processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for corporations 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.

This is just as the apex banking sector regulator has assured that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.

Meanwhile, the CBN said it has suspended the charging of processing fees of 2 per cent and 3 per cent previously charged on all cash deposits above these thresholds with immediate effect.

“This suspension shall remain in effect until April 30, 2024,” It stated on Monday.

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

Also, in a separate statement signed by Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications at CBN, it said the bank’s attention has been drawn to reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.

According to the statement, the CBN is engaging with various critical stakeholders to sustain confidence in the Nigerian financial sector.

“We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria (CBN), ” it clarified.

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