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Nigeria: CBN Asks Banks to Droop Costs On Deposit

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The Central Financial institution of Nigeria (CBN) has ordered industrial banks to droop expenses on money deposits till September.

The financial institution gave the directive in a round signed by Adetona Adedeji, its Director of Banking Supervision.

This adopted protest by prospects of some Deposit Cash Banks who kicked in opposition to assortment of processing charges for money deposits, which returned on Might 1.

Two per cent was to be charged on deposits above N500,000 for people, whereas company account holders had been to be charged two per cent on deposits above N3 million.

However in its round, the apex financial institution directed that the costs be suspended for the following three months.

“Please discuss with our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above topic, suspending processing expenses imposed on money deposits above N500,000 for People and N3,000,000 for Corporates as contained within the “Information to Costs by Banks, Different Monetary Establishments and Non-Financial institution Monetary Establishments” issued on December 20, 2019.”

“The Central Financial institution of Nigeria (CBN) hereby extends the suspension of the processing charges of two% and three% beforehand charged on all money deposits above these thresholds till September 30, 2024.”

The apex financial institution directed monetary establishments to proceed to just accept all money deposits from the general public with none expenses until the tip of the third quarter.


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