As part of ongoing reforms, the Central Bank of Nigeria (CBN) has announced the immediate suspension of processing fees on large cash deposits.

This directive has taken off the lid placed on cash deposits which attracts penalty in form of charges if and when ceiling is violated. The charges were 2 percent and 3 percent for respectively for N500,000 for individual accounts and N3 million for corporate account.

The change cited under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions”, will affect deposit of over N500,000 for individual accounts and N3,000,000 million for corporate account.

The latest action by the apex bank will remain effective until the end of April 2024.

Meantime, the apex bank says media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation are false and should be disregarded.

The Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, said in a statement posted on the CBN official website on Monday.

The statement assured the public and stakeholders about the continued stability and resilience of the Nigerian banking industry.

It urged Nigerians to always rely on official channels for information and avoid speculation based on unverified sources.

“The attention of the Central Bank of Nigeria has been drawn to reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.

“We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023

“Furthermore, the CBN is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.

“We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria,” the statement said.