Grapevine

CBN extends cash deposit fee suspension to March 31

It also directed the suspension of cash deposits exceeding N500,000 for individuals and N3m for corporate accounts.

Recall that the CBN had in May, announced the suspension of cash deposit processing fees till September 30.

The extension was to ensure that depositors would not incur additional costs when making substantial cash deposits.

Prior to this directive, the processing fee for individual accounts was two per cent of the amount, while that of corporate accounts was three per cent of the amount.

The letter reads, “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.”