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.
