Commercial banks and other financial institutions in Nigeria have resumed processing fees for cash transactions above N500,000 for individuals and over N3 million for corporate accounts.
This development comes as the deadline for temporary suspension set by the Central Bank of Nigeria (CBN) ends.
During the suspension of charges on cash transactions, bank customers enjoyed a waiver of the usual processing fees.
The suspension commenced in December 2023 and affected cash deposits exceeding N500,000 for individuals and N5 million for corporate accounts. The deadline lapsed on April 30, 2025.
The CBN circular imposing the fee, issued in 2019, set the thresholds for processing charges on cash deposits.
However, the initiative was part of broader regulatory guidelines to encourage bank deposits and manage liquidity in the financial system during cash scarcity nationwide.
According to a ThisDay report, banks sent emails to their customers announcing the resumption of the charges due to this development.
This comes as the Nigerian government, through the Federal Inland Revenue Service (FIRS), asked commercial banks to begin charging stamp duty on mortgage loans.
The Nigerian government directed commercial banks immediately to deduct a 0.375% stamp duty charge on all mortgage-backed loans and bonds.
Mortgaged-backed loans are facilities given by financial institutions to individuals entitled to acquire a home and repay over time with interest, while bonds are debt or securities issued by governments, municipalities, corporations, or other entities to raise capital.
The commercial banks sent messages to customers informing them of the new directive, saying that the Federal Inland Revenue Service will make the deduction.
TimesNow.com.ng previously reported that the Central Bank of Nigeria (CBN) has again adjusted the Customs exchange rates for cargo at Nigerian ports.
The apex bank fixed the exchange rate for Customs duty collection at N1,441.53 per dollar from the N1,373.64 it fixed the rate two days ago.
The figure represents an increase of N61 from the former amount.
Source: TimesNow.com.ng
