CBN Continues Suspension of Cash Deposit Fees
The Central Bank of Nigeria (CBN) has once again extended the suspension of processing fees on cash deposits until March 31, 2025.
This means that individuals depositing more than N500,000 and companies depositing over N3 million will continue to benefit from a waiver on these charges.
Previously, the CBN had set fees at 2.0% for individual accounts and 3.0% for corporate accounts. This extension is part of the CBN’s ongoing efforts to alleviate the financial burden on large cash depositors.
Banks have begun notifying customers of the extended grace period, allowing them to make large cash deposits without incurring additional costs.
Analysts view this move as part of the CBN’s strategy to reduce transaction costs and promote financial inclusion. The fee suspension originally took effect in May 2024, when the apex bank paused charges outlined in its “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,” first issued in December 2019.
The fees were briefly reinstated on May 1, 2024, but following widespread customer complaints, the CBN issued a circular on May 6 suspending the charges.
Signed by Adetona Adedeji, Director of Banking Supervision, the circular initially extended the suspension until September 30, and with this latest update, it has now been extended to March 31, 2025.
You may be interested

Olmo And Victor Given Green Light To Finish Season With Barcelona
gisthub - Apr 03, 2025Spain’s sports council announced on Thursday that Dani Olmo and Pau Victor will be allowed to play for Barcelona until the end of…

EPL: Arsenal’s Gabriel’s Season Ended Due To Hamstring Injury
gisthub - Apr 03, 2025Arsenal have been dealt a significant blow ahead of their Champions League clash against Real Madrid, with Gabriel ruled out for the rest…

UEFA President Criticizes FIFA’s 64-Team World Cup As ‘Bad Idea
gisthub - Apr 03, 2025UEFA president Aleksander Ceferin stated on Thursday that expanding the World Cup to 64 teams for the 2030 tournament would be “a bad…
Most from this category

Fire Ravages Delta Hotel, Destroys Properties Worth Millions
gisthub - Apr 03, 2025
Leave a Comment