The Central Bank of Nigeria (CBN) has prolonged the suspension of processing fees on significant cash deposits until September 30, 2024. This decision affects deposits exceeding ₦500,000 for individuals and ₦3,000,000 for corporations, previously subject to fees of 2% and 3% respectively.
The extension, communicated through a letter from the CBN’s Acting Director of Banking Supervision, Dr. Adetona S. Adedeji, follows a previous directive halting these charges. Initially implemented to promote financial inclusion and ease the burden on large transactions, the suspension offers relief to depositors handling substantial sums.
The extension comes after concerns that banks might resume processing charges as the initial suspension period approached its end. With this latest directive, depositors will continue to enjoy the suspension of additional costs for significant cash deposits for an extended period.
Source: Channels