The Central Bank of Nigeria (CBN) has decided to suspend processing fees on cash deposits beyond certain levels. Dr. Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), has praised this decision, stating that it will lessen the financial strain on businesses.
Almona said that it was a great decision that ought to have favorable effects on big and small enterprises alike. She stated that the policy change will help business owners and the overall economy, particularly at this difficult time when they are fighting to survive.
You may remember that, up until last week, processing fees of two percent and three percent, respectively, applied to deposits above N500,000 and corporates over N3,000,000.
Almona pointed out that the CBN’s proactive measure, which is effective immediately and lasts until April 30, 2024, will relieve extra financial strain on individuals and enterprises, improving the business climate.
“This action is in line with the government’s resolve to raise Nigeria’s standing on the international ease of doing business index and also shows that it is attentive to the demands of the business community, which promotes confidence in the regulatory environment.”
“As a result, the Chamber applauds the CBN for taking a proactive approach to assisting businesses and boosting economic activity by suspending processing fees on cash deposits. We think this move will have a significant beneficial effect, support economic expansion, and improve Nigeria’s business environment generally,” she remarked.
