Business
CBN directs banks to suspend charges on deposits
The Central Bank of Nigeria (CBN) has suspended charges on cash deposits until September 30, 2024.
The apex bank disclosed this in a circular dated May 6, 2024, 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. “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.
-
Latest1 week agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy1 week agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Latest2 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Featured6 days ago103 Million Voters: What does INEC’s new register say about Nigeria’s population?
-
Business1 week agoNigerian startup 3650HQ moves to cut rising WhatsApp costs for businesses
-
Business7 days agoThe Ministry of Commerce of Loveworld gets a $1 million boost for new investment fund at LTIF 2026 to promote Trade in Ghana
-
Football2 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Features6 days agoEdo’s 2.5 million vote promise: Can the numbers match the politics?