The Central Bank of Nigeria (CBN) has announced an extension of the suspension on processing fees for cash deposits, which will now remain in effect until March 31, 2025. This decision means that individuals depositing over N500,000 and companies depositing more than N3 million will continue to benefit from a waiver on these charges.
Previously, the CBN had set the fees at 2.0% for individual accounts and 3.0% for corporate accounts. This latest extension is part of the CBN's efforts to alleviate the financial burden on those making large cash deposits.
Banks have begun informing customers about the extended grace period, allowing them to deposit significant amounts without incurring additional costs. Analysts view this decision as a strategic move by the CBN to lower transaction costs and promote financial inclusion across the country.
The suspension of these fees was first implemented in May 2024 when the CBN halted charges specified in its "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions," originally issued in December 2019. Although the fees were briefly reinstated on May 1, 2024, widespread customer complaints prompted the CBN to issue a new circular on May 6, temporarily suspending the charges again.
The latest circular, signed by Adetona Adedeji, the Director of Banking Supervision, extended the suspension from September 30, 2024, to the new deadline of March 31, 2025.
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