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.
-
Health7 days agoISRT 2026: Global experts converge in Lagos to advance cancer care across Africa
-
Football7 days agoBallon d’Or 2026: The key rules shaping the race for football’s biggest prize
-
Business7 days agoVersat Automobile to launch Chery’s EXEED premium brand in Nigeria
-
Comments and Issues1 week agoDigital Rights and the 2027 Poll in Nigeria
-
Comments and Issues6 days agoYes, many kidnappers are embedded in the Nigeria Police
-
Business4 days agoOlufemi Olaiya to deliver keynote at Africa Business & Enterprise Conference 2026
-
Energy1 week agoPetrol Price War: Where are Nigerians getting the cheapest fuel?
-
Comments and Issues1 week agoTantita and renewed hope in crude oil production