#image_title
The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fees on deposits until September 30, 2024.
In a circular dated May 6, 2024, the apex bank ordered financial institutions to suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates.
This directive, signed by the CBN’s Acting Director of Banking Supervision, Adetona Adedeji, aims to alleviate financial burdens on depositors.
The recent directive follows previous instructions from the CBN, which mandated deposit money banks to impose a 0.5% cybersecurity levy on transactions, a move that has stirred public outcry.
The circular stated, “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.”
It continued, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024. Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.”
.
The Oyo State Government has directed officials of the Ministry of Lands and Urban…
As part of his ongoing efforts to uplift his constituents economically, the lawmaker representing Akinyele/Lagelu…
The National Agency for Food and Drug Administration and Control (NAFDAC) has ordered the…
The first phase of the Abuja Rail Mass Transit has transported over 250,000…
President Bola Ahmed Tinubu was on Tuesday represented at the 17th annual Chartered Institute of…
The National Examination Council (NECO) has announced the results of the 2024 Senior Secondary…