In a move aimed at boosting economic activities and promoting financial inclusion, the Central Bank of Nigeria (CBN) has extended the suspension of charges on cash deposits above certain thresholds till September 30, 2024.
According to a circular issued by the apex bank, individuals and corporate entities will continue to enjoy free cash deposits above N500,000 and N3,000,000 respectively, without incurring any processing fees.
This development is a welcome relief for many Nigerians who have been advocating for a reduction in bank charges. The extension of the suspension is expected to have a positive impact on the economy and further promote the CBN’s cashless policy.
The CBN’s decision is part of its efforts to encourage cashless transactions, reduce the burden of transaction costs on individuals and businesses, and promote financial inclusion. With this extension, Nigerians can continue to deposit cash without incurring any extra charges till the end of the third quarter of 2024.
