PEOPLES GAZETTE
The Central Bank of Nigeria has extended the suspension of processing fees on deposits within some thresholds, according to a statement by Adetona Adedeji, acting director of the Banking Supervision Department, on Wednesday.
The CBN said the suspension of two per cent and three per cent previously charged on cash deposits above N500,000 for individuals and N3 million for corporates had been extended to September 30.
“Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without charges until Sept. 30,” it said.
The apex bank initially affected the suspension of charges on cash deposits above those thresholds on December 11, 2023. The extension followed widespread condemnation of the CBN’s recently announced 0.5 per cent cybersecurity levy on electronic transactions.
The apex bank had announced that the levy implementation would start two weeks from May 6. It said the levy should be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
“The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’,” it said.
