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.
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