The Lagos Chamber of Commerce and Industry (LCCI) has expressed its support for the recent decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds.
This policy adjustment the organization stated will bring several benefits to businesses and the broader economy.
It also recognizes that this proactive action will eliminate an additional financial burden on businesses and individuals, contributing to a more conducive business environment.
“This move aligns with the government’s commitment to improving Nigeria’s ranking on the global ease of doing business index, and this also demonstrates responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape,” it stated.
According to the LCCI, 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, individuals making cash deposits above N500,000 and corporates above N3,000,000 were subject to processing charges of 2% and 3%, respectively.”
The CBN’s announcement, effective immediately and lasting until April 30, 2024, is a commendable move that will undoubtedly have positive implications for the Nigerian business community, it stated.
In a press statement signed by the director-general of LCCI, Dr. Chinyere Almona stated that the Chamber commends CBN for its forward-thinking approach to supporting businesses and enhancing economic activities by suspending processing fees on cash deposits. “We believe this decision will have a far-reaching positive impact on businesses, contribute to economic growth, and strengthen the overall business climate in Nigeria.