- Safiu Kehinde
The Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees, from September 30, 2024 deadline, to March 31, 2025.
This was disclosed on Saturday in a post on X.
According to the post, CBN issued the directive in a letter addressed to banks and other financial institutions across the nation, which was signed by Adetona Adedeji, the Director of Banking Supervision, on Friday in Abuja.
The directive also called for the halting of cash deposits that surpass N500,000 for individual accounts and N3 million for corporate accounts.
On the reason for the extension, CBN stressed that it was implemented to guarantee that depositors would not face any extra charges when making significant cash deposits.
Meanwhile, prior to the directive, the processing fee for personal accounts stood at two percent of the total amount, whereas for corporate accounts, it was set at three percent of the amount.