The Central Bank of Nigeria has ordered banks to halt charges placed on funds deposits, OduNews reports.
CBN’s governor, Godwin Emefiele, disclosed this during a press conference in Abuja on Wednesday.
Before the announcement, bank customers pay commissions on deposits exceeding N150,000 as well as a stamp tax of N50 for bank deposits and a 7.5% VAT.
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.”
