New CBN Governor Directs All Banks To Stop Charges On Deposits With Immediate Effect

Godwin Emefiele-The new CBN Governor

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Thursday directed that all charges on deposits should be stopped with immediate effect.

Emefiele gave this directive at a news briefing to unveil his policy for the apex bank in Abuja.

“We have become aware of the complaints by customers regarding the charges being imposed for cash deposits.

“The complaints have resulted in customers devising various means to avoid the charges through opening of multiplicity of accounts and other behaviours aimed at undermining the objective of the policy.

“Given these outcomes and to better reflect our goal of having more cash under our control, all charges on deposits are hereby stopped with immediate effect,’’ Emefiele said.

He said that charges on withdrawals, in view of their eventual elimination would remain at three per cent for individual transactions exceeding N500,000 and five per cent for corporate transactions exceeding N3 million.

According to him, currently, the fees go entirely to the commercial banks and should be determined by the CBN.

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