On May 8, NGR CB issued circular on suspension of processing fees.
NGR CB extended suspension of processing fees of 2% and 3% previously charged on all cash deposits above N500,000 for individuals, and N3,000,000 for businesses.
Document dated May 6, 2024, received from NGR CB May 8, summarized on May 13.
Cash Deposits
Financial institutions should continue to accept all cash deposits without any charges.
As set out in Cir BSD/DIR/PUB/LAB/016/023, of Dec. 11, 2023 on processing charges.
Effectiveness
Suspension of processing fees on cash deposits in place until Sep. 30, 2024.
