The Central Bank of Nigeria (CBN) has prolonged the suspension of processing fees on deposits within specified limits.

This extension, announced by Adetona Adedeji, the CBN's acting Director of the Banking Supervision Department in Abuja, extends the previous suspension of two per cent and three per cent charges on cash deposits exceeding N500,000 for individuals and N3 million for corporates until September 30.

Adedeji stated, "Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without charges until Sept. 30." The deducted amount will be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.’

However, some banking transactions are exempted from the new cybersecurity levy, including loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank, among others.

Under the new levy, N5 will be charged on a transaction of N1,000, while N50 will be charged on a transaction of N10,000. Additionally, there will be a N500 charge on a transaction of N100,000, a N5,000 charge on a transaction of N1,000,000, and a N50,000 charge on a transaction of N10,000,000. The cybersecurity levy will be added to existing bank charges like transfer fees, stamp duty, charges on SMS, and VAT.