The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on large cash deposits for an additional six months, pushing the new deadline to March 31, 2025.
The move comes just days before the previous suspension was set to expire on September 30.
In a circular issued on September 24 and signed by Adetona Adedeji, Director of Banking Supervision at CBN, the bank directed all financial institutions, including non-banking entities, to comply with the extended suspension.
This development continues the regulator’s earlier decision from May, when banks briefly resumed processing fees before the charges were halted once again.
“Further to our letter dated May 6, 2024… the Central Bank of Nigeria hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the CBN said.
The fees under suspension—2% for individual accounts and 3% for corporate accounts—were first introduced as part of the “Guide to Charges by Banks” issued in December 2019.
The extension is part of broader efforts to ease cash handling costs for individuals and businesses in a bid to encourage more liquidity in the banking system, particularly as Nigeria continues to manage currency and cash flow dynamics.
During the suspension period, financial institutions are required to continue accepting deposits without imposing any charges on customers.
Additional details from globalfinancialdigest.com
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