Our Banks Are strong- CBN
…. Suspends processing fees until April 30, 2024
Oru Leonard
The Central Bank of Nigeria (CBN), assured Nigerians that banks in the country are resilient.
Sidi Ali, Hakama, Acting director, Corporate Communications, stated this on Monday, December 11, stating that “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.”
Hakama said: “We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.”
She also said that the CBN is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.
“We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria (CBN)”, the statement said.
In another statement, the CBN has suspended processing fees. recall that the processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for Corporate Organisations as contained in the “Guide to Charges by Banks,Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042.
A letter released today by the Ag. Director of Banking Supervision, Dr. Adetona S. Adedeji stated,
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“Consequently,all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.
Please be guided accordingly.”
