The ban on banks charging processing fees for cash deposits beyond a set amount has been extended by the Central Bank of Nigeria (CBN) until September 30, 2024.
The CBN ordered a further suspension of the 2% and 3% fees levied on cash deposits exceeding N500,000 for individuals and N3 million for firms.
Processing fees were implemented by the bank in December 2019 for deposits above N500,000 for individuals and N3,000,000 for corporations.
The Central Bank of Nigeria stopped charging processing fees for any cash deposits over these limits in December 2023.
After this extension, until September 30, 2024, all banks are expected to offer cash deposits without any fees.
This comes after businesses and consumers expressed worries over the federal government’s 0.5% cybersecurity charge on electronic transactions.
