The Central Bank of Nigeria on Monday announced the suspension of processing fees on cash deposits apparently to stem worsening cash crunch in the country.
This is coming amidst widespread concerns on fewer currency in circulation as the yuletide gets near.
Previously, individuals were charged a 2% fee on cash deposits above N500,000, while corporate entities were charged a 3% fee on deposits above N3,000,000. This suspension is effective immediately and will remain in effect until April 30, 2024.
As a result, all financial institutions regulated by the CBN are required to accept cash deposits from the public without any charges. This move aims to alleviate the financial burden on individuals and businesses.
In related news, some bank customers in the Federal Capital Territory ,FCT, have expressed concerns about cash crunch issues during the yuletide season. Several customers reported difficulties in accessing cash from ATMs and banks, which could impact their financial transactions.
Some of the customers who are also small business owners told the News Agency of Nigeria ,NAN, in Abuja on Monday, that the development would result to financial transaction difficulties if not addressed.
Mrs Esther Eduk, a customer said she visited no fewer than four different bank’s Automated Teller Machines ,ATM, points but could not access cash. She said the development negated the yuletide season which was meant for sharing love and giving.
“I went to my bank to collect money but I was surprised that they do not have.
“All the bank ATM points that I went to along Nyanya-Mararaba road had no cash in them.
“This is very discouraging and considering this season, it is not healthy,’’ she said.
Another customer and a Point of Sale ,PoS, operator, Mr Lucky Igado, said he was unable to withdraw money from his bank.
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Igado said the situation had halted his business which was his only source of income. He appealed to the CBN to urgently resolve the issue.
“I went to the bank to withdraw some money for my business but I did not get.
“I was even ready to pay extra just to keep my business going but I didn’t get. This is frustrating.
“President Bola Tinubu was affected by this cash crunch issue during his election. He should please help us to make ends meet,’’ he said.
Another customer, Mrs Adaora Ejeh, also appealed to banks to make cash available to ease the stress faced by customers. NAN reports that the CBN in a statement issued by its Corporate Communications Department said there was no shortage of banknotes, saying there was enough for economic activities in the country.
CBN said the scarcity was caused by a large volume of cash withdrawals from its branches by Deposit Money Banks ,DMBs, across the country.
The bank also said that panic withdrawals by bank customers were partly responsible for the scarcity.
Crediblenews.ng
