The Central Bank of Nigeria, CBN has announced the suspension of charges on cash deposits.
The apex bank in a circular directed to Banks and other financial institutions on Tuesday said the suspension is until September 30th, 2024.
The circular was signed by Adetona Adedeji, CBN’s director of banking supervision.
On May 1, banks resumed the collection of processing fees on cash deposits.
Based on the directive, 2 percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged 3 percent on deposits above N3,000,000.
According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended until September 30th, 2024
DAILY GIST reports that this is coming following CBN earlier directive to banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.
This, however has sparked public outrage among concerned Nigerians.
More details to follow….
