CBN Stop Large Depositors’ Fines Admist Naira Scarcity

Tinubu Orders Osayande To Investigate CBN, Related Affairs

The Central Bank of Nigeria, on Monday, suspended the processing fees of two per cent and three per cent previously charged on all cash deposits above N500,000 for individuals, and N3m for corporates with immediate effect.

This development followed the lingering cash scarcity that had persisted in different parts of the country. In a letter signed by its acting Director of Banking Supervision, Dr Adetona Adedeji, it said, “The Central Bank of Nigeria therefore suspends the charging of processing fees of two and three previously charged on all cash deposits above these thresholds with immediate effect.”

According to the document, the suspension would remain in effect until April 30, 2024.

The top bank ordered all financial institutions under its supervision to take public cash deposits going ahead, free of charge. Concerns over the lack of currency in the city have persisted among certain citizens of the Federal Capital Territory, Abuja.

When Abigail Ojochenemi visited the bank on Monday, she bemoaned not being able to obtain cash from there. She lives in the Federal Capital Territory. She bemoaned the fact that her PoS company was in danger as she needed money but was unable to withdraw it.

According to her, “I am a PoS business operator here in Abuja and I need cash on daily basis to keep my business running. This morning, I visited the bank to withdraw money and to my surprise, there was no money in the ATM machine. When I attempted to withdraw from First Bank ATM available in my area, I was told that, the maximum withdrawal is N20,000 per day; this is very bad for my business.”

She added that her PoS service providers called to notify her that she needed to meet up with the weekly transaction target otherwise, she would risk losing her account.

“ The PoS service providers called me to remind that I need to meet my target of N140,000 today but as it stands, I am not sure to be able to meet up because of the lack of cash,” she said.

In Apo mechanic village, Abuja, a motorist Abbah Friday, who requested to use the service of a PoS operator lamented how he was made to pay a charge of N500 to withdraw N20,000 as against N200 to N300 for the same amount about three days ago.

On his part, Salisu Ali, a PoS operator in the mechanic village said he paid N1,000 to withdraw N100,000. This translates to N100 for N10,000.

“Cash is very scarce now. I couldn’t get to withdraw cash from bank so I had to pay N1000, to get N100,000,” he said.

Reacting to this new development on fees suspension, the President of Bank Customers Association of Nigeria, Dr Uju Ogunbunka, said the decision by the CBN would improve cash circulation in the country.

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