CBN Extends Suspension on Cash Deposit Fee to March 2025
Confidence UbaniSeptember 28, 20241 Mins read415 
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
Despite Missing Student Incident, JAMB Again Fixes UTME Resits for 6AM
The safety of students writing the Unified Tertiary Matriculation Examination (UTME) has...
From Snake Swallowing ₦36m to UTME Technical Glitch: Pressure Mounts for JAMB Registrar, Prof. Ishaq Oloyede to Resign
The Joint Admissions and Matriculation Board (JAMB) Registrar, Professor Ishaq Oloyede, is...
South Africa Beats Nigeria 1-0 to Reach AFCON U-20 Final
South Africa’s U-20 national team has qualified for the U-20 Africa Cup...
US Court Slashes Defamation Award to Ghanaian Journalist Anas Aremeyaw from $18m to $500
A US court has reduced the $18 million defamation award granted to...
Leave a comment