In a notable policy update, the Central Bank of Nigeria (CBN) has extended the suspension of processing fees on significant cash deposits until September 30, 2024....CONTINUE READING THE ARTICLE FROM THE SOURCE
This decision impacts cash deposits exceeding ₦500,000 for individuals and ₦3,000,000 for corporations, which were initially subject to fees of 2% and 3% respectively.
The extension, outlined in a letter from the CBN’s Acting Director of Banking Supervision, Dr. Adetona S. Adedeji, dated May 6, 2024, follows a previous directive that had temporarily halted these charges.
