Banks and other financial institutions across Nigeria have reinstated processing fees on large cash deposits following the expiration of the Central Bank of Nigeria’s (CBN) temporary suspension.
The suspension, which affected deposits exceeding N500,000 for individuals and N5 million for corporate entities, ended on April 30, 2024.
During the suspension period, customers enjoyed a waiver of the usual processing fees of 2% for individuals and 3% for corporates on large deposits.
This initiative was part of a broader regulatory measure aimed at encouraging bank deposits and managing liquidity within the financial system.
An email from Sterling Bank announcing the resumption of large deposit charges read:
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