CBN Governor Orders Suspension Of Bank Charges On Deposit Made By Customers

The Central Bank of Nigeria (CBN) has announced the suspension of charges on bank deposits by customers.

In a briefing on Wednesday in Abuja, the Governor of the CBN, Mr Godwin Emefiele, disclosed that this affects cash and electronic deposits of the Naira to the tune of N150,000.

Before now, customers are charged a stamp duty of N50 for bank deposits, a 7.5 per cent VAT and a commission for the transaction.

This has made customers groan, especially in face of the harsh economic environment in the country.

The apex bank had reintroduced bank charges on deposits to promote its cashless policy, but banks began to feed fat on electronic deposits, defeating the essence of the cashless policy of the CBN.