The Central Bank of Nigeria has announced the suspension of processing fees on significant cash deposits, as disclosed in a statement by the Acting Director of Supervision, Dr. Adetona Adedeji, on Monday.

The new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts.

The suspension shall remain in effect until April 30, 2024, CBN said.

The CBN had in 2019 declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.

The CBN also made known that for corporate accounts, the Deposits Money Banks would charge five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.

“Consequently all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward’

“Please be guided accordingly,” the apex bank said.