CBN Extends Suspension of Cash Deposit Fees
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has once again extended the suspension of fees on cash deposits exceeding certain thresholds.
Individuals and corporates can now deposit cash above N500,000 and N3,000,000, respectively, without incurring processing fees until March 31st, 2025.
Banks have notified their customers of the latest extension, which follows the initial suspension that was set to expire on September 30th, 2024.
By encouraging customers to deposit cash, the CBN aims to alleviate liquidity pressures and support the overall banking system.
In May 2024, the CBN briefly resumed charging processing fees on cash deposits before issuing a new circular to suspend them once again.
The suspension reflects the CBN’s ongoing efforts to manage the banking sector and address liquidity challenges.
