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CBN Takes Action: Cash Deposit Fees Suspended Until April 2024 – What You Need to Know

Insights into CBN’s Decision: Cash Deposit Charges Suspended Until April 2024



Insights into CBN's Decision: Cash Deposit Charges Suspended Until April 2024

Great news everyone, the Central Bank of Nigeria (CBN) has made a game-changing move once again. They’ve recently announced their decision to suspend cash deposit charges until April 2024. So, if you had been worried about those pesky cash deposit charges.

The Central Bank of Nigeria (CBN) has recently decided to press pause on cash deposit charges. This change, in effect right away, is going to last until April 30, 2024. The CBN is making this move to help shape the financial landscape and boost the economy. 

What does this mean for you? If you’re an individual, you’ll no longer be hit with a 2% charge on cash deposits over ₦500,000. If you’re a business, you’re off the hook for the previous 3% fee on deposits that go beyond ₦3,000,000. The CBN is doing this to create a better financial environment, increase the availability of money, and stimulate more economic activity.

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The Central Bank of Nigeria’s (CBN) recent policy change promises to create waves across different sectors. This shows both businesses and individuals can breathe a bit easier. The CBN certainly shows they’re committed to backing economic growth and stability. Moreover, it’s clear they’re responding to current financial trends. 

Stay tuned for more details…

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Chidimma Johnson is a Travel Content Manager and Writer at Dimples Online Media, paying specific attention to Travel and Finance . After achieving a BA in Political Science in 2019, Chidimma pursued her long-time desire to work in media and joined Republic World as a writer. Working closely with the top online media.