CBN Extends Suspension on Cash Deposit Fee to March 2025
Confidence UbaniSeptember 28, 20241 Mins read533 
The Central Bank of Nigeria (CBN) has extended the suspension of cash deposit fees to March 31, 2025. This was stated in a letter signed by Adetona Adedeji, CBN’s Director of Banking Supervision, sent to banks and financial institutions on Friday in Abuja. The suspension applies to cash deposits above N500,000 for individuals and N3 million for corporate accounts.
The CBN had initially introduced and suspended these fees in May. The suspension was supposed to end by September 30. Before this, the proposed processing fee was two per cent for individuals and three per cent for corporate accounts.
All financial institutions are expected to continue to accept cash deposits from the public without charges during this period. This extension maintains the cash deposit fee suspension until March 2025.
About The Author
Related Articles
Kenya Exports 50 Ayrshire Cows to Nigeria, Marking Milestone in Intra-African Trade
In a significant boost to East-West African trade relations, Kenya has airlifted...
Delayed Retirements: Tinubu Extends Customs Director General Tenure Past Lawful Limit
President Bola Tinubu has approved a one-year extension for the Comptroller-General of...
Is Nigeria’s Constitution Being Rewritten from Abroad? Spotlight on PLAC and MacArthur Funding
In a report in December 2024, the House of Representatives Press Corps...
Nigeria’s Electoral System Under Review: House of Reps Proposes Independent Candidacy, INEC Reform, Defection Rules, and Unified Election Day
Nigeria’s drive to overhaul its electoral process has taken centre stage as...
Leave a comment