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.
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The charges have been suspended for all cash deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts until April 30, 2024
The CBN had in 2019 declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.
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