News
CBN suspends 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.
- News1 month ago
Development of Kwara Smart City Continues as Government Acquires 20,065 Hectares
- Politics1 month ago
Alleged Suspension of Ganduje Raises Concerns Among APC Members
- Business1 month ago
Expert Predicts Naira’s Strengthening Will Impact Inflation in Coming Months
- Business1 month ago
Despite Naira Appreciation, Prices Surge in Nigeria
- Politics1 month ago
The Open Government Partnership Committee is established in Kogi
- Business1 month ago
Nigeria Faces 40.01% Surge in Food Inflation in March, According to NBS
- Business4 weeks ago
The Depreciation of Naira Against Dollar – Insights From BDC Operators
- Politics3 weeks ago
Philip Shaibu Returns To PDP Group He Helped Obaseki Take Party From