The Central Bank of Nigeria (CBN) has announced the suspension of processing fees on cash deposits until September 30, 2024.

This decision, communicated through a memo dated May 6, 2024, and signed by the Director of Banking Supervision at CBN, Adetona Adedeji, extends the previous suspension stated in a letter dated December 11, 2023.

CBN said: “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”

“The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”

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