BREAKING: Central Bank Extends Suspension Of Processing Fees On Large Cash Deposits To September 2024

BREAKING: Central Bank Extends Suspension Of Processing Fees On Large Cash Deposits To September 2024—-In a notable policy update, the Central Bank of Nigeria (CBN) has extended the suspension of processing fees on significant cash deposits until September 30, 2024.

This decision impacts cash deposits exceeding ₦500,000 for individuals and ₦3,000,000 for corporations, which were initially subject to fees of 2% and 3% respectively.

The extension, outlined in a letter from the CBN’s Acting Director of Banking Supervision, Dr. Adetona S. Adedeji, dated May 6, 2024, follows a previous directive that had temporarily halted these charges.