By Hosea Parah, Abuja

The Central Bank of Nigeria has announced the suspension of processing fees that were previously charged on cash deposits exceeding certain thresholds. This decision, which is effective immediately, was communicated by Dr. Adetona S. Adedeji, the Acting Director of Banking Supervision, in a statement released on Monday. The suspension of these fees will remain in effect until April 30, 2024.

Previously, individuals were charged a processing fee of 2% on cash deposits above N500,000, while corporates were charged 3% on deposits exceeding N3,000,000. These charges were outlined in the guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions issued on December 20, 2019.

As a result of this announcement, all financial institutions regulated by the Central Bank of Nigeria are required to accept cash deposits from the public without imposing any processing fees.