LCCI STATEMENT ON CENTRAL BANK OF NIGERIA SUSPENSION OF PROCESSING FEES ON LARGE CASH DEPOSITS

The Lagos Chamber of Commerce and Industry (LCCI) welcomes the recent decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds. As outlined in the “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, individuals making cash deposits above N500,000 and corporates above N3,000,000 were subject to processing charges of 2% and 3%, respectively.

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 recognizes that this proactive action will eliminate an additional financial burden on businesses and individuals, contributing to a more conducive business environment. This move aligns with the government’s commitment to improving Nigeria’s ranking on the global ease of doing business index, and this also demonstrates 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.

DR CHINYERE ALMONA, FCA

DIRECTOR GENERAL

LAGOS CHAMBER OF COMMERCE & INDUSTRY

12TH DECEMBER 2023

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