In a game-changing move, the Central Bank of Nigeria (CBN) has made a bold decision to suspend the 2% and 3% processing fees previously levied on cash deposits exceeding specific limits. Effective immediately, this groundbreaking initiative will last until April 30, 2024, as announced in an official circular signed by Adetona Adedeji, the acting director of Banking Supervision.
The CBN’s strategic move aims to stimulate economic activity by relieving individuals and corporations of the burdensome processing charges imposed since December 20, 2019. The circular unequivocally directs all financial institutions under CBN regulation to welcome public cash deposits without any associated charges during this period.
Read on to uncover the latest financial developments and seize the opportunity to benefit from this fee-free era!
