CBN Extends Suspension on Cash Deposit Fee to March 2025
Confidence UbaniSeptember 28, 20241 Mins read1.1k 
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
Burkina Faso Approves Health, Education and Urban Development Initiatives at Cabinet Meeting
Burkina Faso’s Council of Ministers convened on Thursday under the chairmanship of...
Zimbabwe Adds Its Name to a Growing List of African Countries Including Benin, Chad, Uganda, Rwanda, Cameroon and Egypt That Have Extended Presidential Terms
Zimbabwe’s lower house of parliament has passed a bill extending presidential terms...
Nigeria’s Revenue Surges 49% as Poverty Hits 63%, Exposing Deep Economic Contradiction
Nigeria’s tax revenue jumped 49 percent in the first five months of...
Mauritanian Defence Minister Delivers Presidential Message to Niger’s General Tiani
The Mauritanian Minister of Defence, Hanana Ould Sidi, arrived in Niamey on...
Leave a comment