The Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees for banks nationwide until March 31, 2025.
This was contained in a letter signed by the CBN’s Director of Banking Supervision, Adetona Adedeji, and addressed to banks and financial institutions, including Access Bank, United Bank for Africa (UBA), Zenith Bank, and Guaranty Trust Bank (GTB), among others.
In the letter, the CBN reiterated that depositors will continue to enjoy fee-free deposits for cash deposits exceeding N500,000 for individuals and N3 million for corporate until March 2025, Punch reports.
The CBN first announced the suspension of cash deposit processing fees in May 2024, which was initially scheduled to end on September 30, 2024.
Prior to this extension, banks imposed a processing fee of 2% on cash deposits above N500,000 for individuals and three per cent for corporate accounts exceeding N3 million.
The CBNâs letter stated:
TimesNow.com.ng earlier reported that the CBN governor, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.
CBN data showed that the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers’ Programme (ABP).
The total disbursement under the ABP scheme amounts to N1.07 trillion, which is distributed to about 4.6 million smallholder farmers growing 21 commodities nationwide.
Source: TimesNow.com.ng
