Lagos Chamber of Commerce Commends CBN’s decision to Suspend Processing Fees on Large Cash Deposits

The Lagos Chamber of Commerce and Industry (LCCI) has expressed its appreciation for the recent decision made by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits exceeding specified thresholds. The move, effective immediately and lasting until April 30, 2024, is seen as a positive development for businesses and individuals alike.

In a press statement signed by the Director General of the Lagos Chamber of Commerce & Industry, Dr. Chinyere Almona, FCA, she said the CBN’s decision to suspend processing fees, as per the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, signifies a crucial shift in the regulatory landscape.

Before now, individuals making cash deposits above N500,000 and corporates above N3,000,000 were subject to processing charges of 2% and 3%, respectively.

The Lagos Chamber of Commerce and Industry (LCCI) lauded the CBN’s decision, recognizing it as a proactive measure that alleviates an additional financial burden on businesses and individuals. This move is expected to foster a more conducive business environment, aligning with the government’s commitment to improving Nigeria’s standing on the global ease of doing business index.

“The Chamber views this decision as an essential step towards enhancing economic activities and building trust in the regulatory framework.

The suspension of processing fees is expected to have far-reaching positive implications for businesses, contributing to economic growth and bolstering the overall business climate in Nigeria.

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