Deposits of substantial sums of money are no longer subject to processing fees by the Central Bank of Nigeria (CBN).

This information was revealed on Monday by Dr. Adetona Adedeji, who is acting as the Director of Supervision at CBN.

Individual accounts with deposits above N500,000 and corporate accounts with deposits above N3,000,000 are impacted by the new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042).

According to the central bank, the prohibition will be in place until April 30, 2024.

Additionally, the Central Bank of Nigeria (CBN) announced that Deposit Money Banks would impose a 5% processing fee for withdrawals from corporate accounts and a 3% processing fee for deposits exceeding N3,000,000.

“Therefore, moving forward, all public cash deposits should be accepted without fees by all financial institutions regulated by the CBN,” the CBN added.

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