The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on large cash deposits until March 31, 2025. With this extension, cash deposits over N500,000 by individuals and N3 million by companies will continue to be exempt from the 2% and 3% fees previously charged.
Banks have started notifying customers of the extended grace period, which analysts say is part of CBN’s efforts to ease transaction costs and boost liquidity. “This move encourages customers to keep their funds within the formal banking system,” analysts noted, adding that the suspension will aid ongoing economic reforms.
The policy, initially introduced in May 2024, aims to stabilize the financial system amid macroeconomic challenges.
