The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024.
The apex bank made the announcement in a circular signed by its Acting Director of Banking Supervision, Adetona Adedeji, on Monday.
On September 18, 2019, CBN introduced a charge of 3 percent as processing fees for withdrawals and 2 percent for deposits above N500,000 for individual accounts to promote cashless transactions.
The CBN also directed banks to charge 5 percent processing fees for withdrawals and 3 percent for deposits above N3 million for corporate account holders.
Announcing the suspension of the policy on Monday, the apex bank directed banks, financial institutions and non-bank financial institutions in the country to accept all cash deposits without charges with immediate effect.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2% and 3% previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.
“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward,” CBN said.