In a groundbreaking move, the Central Bank of Nigeria (CBN) has declared a temporary suspension on cash deposit charges, providing respite for both individual and corporate entities. Effective immediately, this suspension extends until April 30, 2024, signaling a proactive approach by the CBN to address financial dynamics and promote economic resilience.
Individuals will no longer face a 2% charge on cash deposits exceeding ₦500,000, while corporations benefit from the cessation of the previous 3% fee on deposits surpassing ₦3,000,000. This strategic decision aligns with the CBN’s commitment to creating a conducive financial climate, fostering increased liquidity, and encouraging robust economic activities.
READ ALSO: CBN Clarifies Naira Scarcity: Unraveling the Reasons Behind the Nationwide Currency Crunch
This significant policy adjustment is expected to have a ripple effect on various sectors, offering relief to businesses and individuals alike. The CBN’s forward-looking stance underscores its dedication to supporting economic growth and stability, showcasing a responsive approach to the evolving financial landscape.
More details soon…..
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