CBN Extends Suspension on Cash Deposit Fee to March 2025
Confidence UbaniSeptember 28, 20241 Mins read510 
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
CSS States May Boycott UEMOA Over Alleged Obstruction of Power Rotation by President Ouattara
Tensions are rising within the West African Economic and Monetary Union (UEMOA)...
Cedi@60: Bank of Ghana Vows to Keep Currency Stable, Sustain Economic Stability
The Bank of Ghana (BoG) has reaffirmed its commitment to protecting the...
Malian Court Jails Former Minister Cissoko Over Presidential Jet Scandal; Others Sentenced in Absentia
The Special Assize Court in Bamako has delivered its long-awaited verdict on...
Ghana Sets Up Anti-Gold Smuggling Task Force to Recover Billions in Lost Revenue
Ghana has launched a national task force to combat gold smuggling and...
Leave a comment