LCCI Commends CBN’s Suspension of Processing Fees on Cash Deposits

Dike Onwuamaeze 

The Lagos Chamber of Commerce and Industry (LCCI) has commended the decision of the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits that are above N500,000 and N3 million for individuals and corporate organisations respectively.

The Director General of LCCI, Dr. Chinyere Almona, in a statement titled, “CBN’s Suspension of Processing Fees on Large Cash Deposits,” yesterday, noted that, “the CBN’s announcement, effective immediately and lasting until April 30, 2024, is a commendable move that will undoubtedly have positive implications for the Nigerian business community.

“This policy adjustment will bring several benefits to businesses and the broader economy.

“The chamber recognises that this proactive action will eliminate an additional financial burden on businesses and individuals, contributing to a more conducive business environment.”

It further stated that the move aligned with the government’s commitment to improving Nigeria’s ranking on the global ease of doing business index, and also demonstrated responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape.

“Thus, the chamber commends CBN for its forward-thinking approach to supporting businesses and enhancing economic activities by suspending processing fees on cash deposits.

“We believe this decision will have a far-reaching positive impact on businesses, contribute to economic growth, and strengthen the overall business climate in Nigeria,” it added.

The central bank had in its “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions,” issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042, stated that individuals making cash deposits above N500,000 and corporates above N3 million were subject to processing charges of two per cent and three per cent respectively.