Suspension Of Cash Deposit Charges Will Reduce Burden On SMEs

Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has applauded the decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds, saying it would reduce the financial burden on businesses.

Adding that it was a commendable move that should create positive implications for businesses both big and small, Almona said the policy adjustment would bring some benefits to entrepreneurs and the broader economy, especially at this time when they are struggling to stay afloat.

It would be recalled that deposits above N500, 000 and corporates above N3, 000, 000 were previously subjected to processing charges of two per cent and three per cent, respectively, until this week.

Almona noted that the proactive action by the CBN, which takes effect immediately until April 30, 2024, would eliminate 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 also demonstrates responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape.

“Thus, 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, contribute to economic growth, and strengthen the overall business climate in Nigeria,” she concluded.