The Central Bank of Nigeria has issued a new directive to all banks, other financial institutions, and non-bank financial institutions, suspending the processing charges previously imposed on large cash deposits. This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2019 (FPR/DIR/GEN/CIR/07/042), affects deposits over N500,000 for individual accounts and N3,000,000 for corporate accounts. Previously, these deposits attracted processing fees of 2% and 3%, respectively. Effective immediately, the CBN has put a hold on these charges. READ ALSO: CAC To Delist Over…
Read MoreCentral Bank of Nigeria Suspends Processing Fees On Large Cash Deposits
