The CBN (Central Bank of Nigeria) has announced the suspension of fees for client bank deposits.
The CBN Governor, Godwin Emefiele, revealed this impacts cash and electronic deposits of the Naira to the tune of N150,000 during a conference on Wednesday in Abuja.
Prior to today, customers had to pay a commission for the transaction as well as a stamp tax of N50 for bank deposits and a 7.5% VAT.
Customers have complained about this, especially in light of the challenging economic climate in the nation.
The apex bank had reintroduced bank charges on deposits to promote its cashless policy, but banks began to feed fat on electronic deposits, defeating the essence of the cashless policy of the CBN.
Emefiele said, “Bank charges (on deposits) have been suspended. What we have right now is that if you pay N150,000 into your account, you do not incur charges, but if you pay more than N150,000, you pay the charges.
“This means it does not limit you from paying N10 million or N1 billion into your account. The only thing is that you will pay for cash processing for deposits above N150,000.
“So, what we’ve done by this is to say, even if you want to pay N1 billion [or] N10 billion into your account, you are not going to be charged any money.”
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