CBN suspends fees on cash deposits above ₦500k until April 2024

This groundbreaking change was communicated through the release of the "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions."

Effective immediately, the suspension will be enforced until the close of business on April 30, 2024, providing relief for both individual and corporate account holders across the nation.

The suspension specifically targets deposits exceeding ₦500,000 for individual accounts and ₦3,000,000 for corporate accounts. Previously, these transactions were subject to processing fees of 2% and 3%, respectively, placing a burden on depositors.

Under the new directive, all financial institutions under the regulatory purview of the CBN are mandated to cease the imposition of any charges on cash deposits surpassing these specified thresholds.

The CBN's decision aligns with its commitment to fostering a more inclusive financial system, providing a boost to small businesses and encouraging more individuals to engage with formal banking channels.