The Traffic

CBN Extends Suspension of Cash Deposit Fees Until March 2025

In a welcome move, the Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees until March 31, 2025. This decision, disclosed in a letter to banks and financial institutions, means individuals and businesses won't pay fees on cash deposits exceeding N500,000 and N3 million, respectively.

Initially set to expire on September 30, 2024, the suspension saves individuals 2% and corporate accounts 3% in processing fees. The CBN directed all regulated financial institutions to continue accepting cash deposits without charges during this period

Yakubu Haruna.Yakubu

This extension aims to promote financial inclusion and ease transaction costs for Nigerians. For more details on this development and its implications, consider searching online for the latest updates.