The Central Bank of Nigeria (CBN) has immediately suspended the processing fees of 2% and 3% previously charged on all cash deposits above certain thresholds.
This suspension shall remain in effect until April 30, 2024, the Central Bank said in a circular signed by Adetona Adedeji, acting director of Banking Supervision.
Read also CBN alerts on fake naira notes in circulation
On December 20, 2019, the bank imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporations, as contained in the Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,” the circular stated.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
