The Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees for banks nationwide until March 31, 2025.
This was contained in a letter signed by the CBN’s Director of Banking Supervision, Adetona Adedeji, and addressed to banks and financial institutions, including Access Bank, United Bank for Africa (UBA), Zenith Bank, and Guaranty Trust Bank (GTB), among others.
In the letter, the CBN reiterated that depositors will continue to enjoy fee-free deposits for cash deposits exceeding N500,000 for individuals and N3 million for corporate until March 2025, Punch reports.
Details of the cash deposit fee
The CBN first announced the suspension of cash deposit processing fees in May 2024, which was initially scheduled to end on September 30, 2024.
Prior to this extension, banks imposed a processing fee of 2% on cash deposits above N500,000 for individuals and three per cent for corporate accounts exceeding N3 million.
CBN new instructions to bank
The CBN’s letter stated:
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, 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 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% outlined in the ‘Guide to Charges by banks, other financial institutions and non-bank financial institutions,’ issued on December 20, 2019.”
