The Central Bank of Nigeria has suspended the previously imposed charges on large cash deposits.
This change is seen 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), which affects deposits of over N500,000 for individual accounts and N3,000,000 for corporate accounts.
According to the charge, deposits such as these, attract a processing fee of 2% and 3% respectively.
Currently, an effective order to put these charges on hold has been issued by the Central Bank Of Nigeria (CBN)
This is to encourage significant cash deposits, liquidations and impact both small and large businesses.
