The Central Bank of Nigeria (CBN) says the suspension of cash deposit processing fees has been extended from September 30, 2024 to March 31, 2025.
The extension was communicated in a letter to banks and other financial institutions in the country signed by CBN Director of Banking supervision, Adetona Adedeji.
The CBN had earlier in May, announced a suspension of cash deposit processing fees on cash deposits exceeding N500,000 for individuals and N3 million for corporate accounts, till September 30, 2024.
The processing fee for individual accounts is 2 per cent of the amount while that of corporate accounts is 3 per cent of the amount.
The letter reads, “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 previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.”
“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.”
The CBN stated that all financial institutions under its regulation are required to continue accepting cash deposits from the public without any charges during the specified period.
