The Central Bank of Nigeria has decided to stop charging fees on cash deposits until September 30, 2024.

The central bank shared this information in a memo dated May 6, 2024, signed by Adetona Adedeji, who is the director of banking supervision at CBN.

CBN said,“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”

“The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”