The Central Bank of Nigeria has announced an extension for the suspension of cash deposit processing fees, moving the deadline from September 30, 2024, to March 31, 2025.
The Central Bank of Nigeria (CBN) announced this 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.
The extension was implemented to guarantee that depositors would not face any extra charges when making significant cash deposits.
Before this directive was issued, 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.