The Central Bank of Nigeria has announced an extension of the suspension on cash deposit processing fees, now lasting until March 31, 2025.
This decision aims to alleviate financial burdens and encourage greater use of banking services.
The CBN disclosed this in a letter to banks and other financial institutions in the country signed by its Director of Banking supervision, Adetona Adedeji where it referenced its previous letter on the suspension of cash deposit processing fees till September 30, 2024, according to Nairametrics.
According to the letter, the CBN’s suspension applies to cash deposits exceeding N500,000 for individuals and N3 million for corporate accounts.
Typically, individuals face a processing fee of 2% on deposits, while corporate accounts incur a 3% fee.
The letter reads, “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,’ issued on December 20, 2019.”
The Central Bank of Nigeria has mandated that all regulated financial institutions must accept cash deposits from the public without any charges during the suspension period.
This directive reinforces the CBN’s commitment to facilitating access to banking services and reducing the financial burden on customers.
