CBN suspends processing fees on large deposits

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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.  (GBN)

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