Abuja, Dec. 12, 2023 – The Central Bank of Nigeria (GBN) has suspended the processing charges imposed by commercial banks on large cash deposits.
The apex bank has issued a directive to all banks, other financial institutions, and non-bank financial institutions to comply with the directive.
Hitherto, processing charges of between 2% and 3% were imposed on large cash deposits of over N500,000 for individual accounts and N3,000,000 for corporate accounts.
This suspension is to remain in effect until the end of April 2024. Â (GBN)
