CBN extends suspension of cash deposit fees

The Central Bank of Nigeria (CBN) has once again extended the suspension of processing fees on cash deposits until March 31, 2025. This means that individuals depositing more than N500,000 and companies depositing over N3 million will continue to enjoy a waiver from these charges.

Previously, the CBN had set the fees at 2.0% for individual accounts and 3.0% for corporate accounts. However, this extension follows the CBN’s ongoing efforts to ease the financial burden on large cash depositors.

Banks have already begun notifying customers of the extended grace period, allowing depositors to continue making large cash deposits without incurring extra costs.

Analysts see this move as part of the CBN’s strategy to reduce transaction costs and encourage financial inclusion. The fee suspension initially took effect in May 2024, when the apex bank paused the charges outlined in its “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,” which was first issued in December 2019.

The fees were briefly reinstated on May 1, 2024, but following widespread complaints from customers, the CBN issued a new circular on May 6, suspending the charges. Signed by Adetona Adedeji, Director of Banking Supervision, the circular extended the suspension until September 30, and with this latest update, it has now been pushed to March 31, 2025.