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CBN extends suspension of processing fees on deposits to March 2025

Published

16 hours ago

September 27, 2024

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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

The development comes six days before the suspension date initially fixed, expires.

On May 1, banks resumed the collection of processing fees on cash deposits.

Six days later, CBN suspended charges on the deposits until September 30.

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

READ Cash withdrawal limit: Reps summon Emefiele, demand suspension of policy

“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

Related Topics:CBN Central Bank of Nigeria DEPOSITS PROCESSING FEES

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Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

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“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.