By Gwurld4026 
Impact of CBN’s Cash Deposit Fee Suspension for Nigerians
The Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees until March 31, 2025.
This applies to cash deposits exceeding ₦500,000 for individuals and ₦3 million for corporate accounts, which would normally attract a 2% and 3% fee, respectively.
The extension is part of the CBN’s broader efforts to ease the financial burden on depositors, boost liquidity, and encourage more Nigerians to use the formal banking system.
This decision continues from a previous suspension that was set to expire in September 2024.