The Central Bank of Nigeria has announced the suspension of processing fees on large cash deposits, as disclosed by Dr. Adetona Adedeji, the Acting Director of Supervision, on Monday. This new directive, outlined in 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), impacts deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts.

The suspension is set to remain in effect until April 30, 2024, according to the CBN. This decision marks a departure from the CBN's 2019 announcement that it would impose charges on bank customers for cash deposits and withdrawals, as part of its initiative to reduce the circulation of physical currency.

Furthermore, the CBN specified that for corporate accounts, Deposits Money Banks would levy a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments of amounts surpassing N3,000,000. The apex bank also emphasized that all financial institutions under its regulation must accept cash deposits from the public without imposing any charges moving forward.

In light of this development, the CBN urged all concerned parties to adhere to these guidelines. This move by the Central Bank of Nigeria is expected to have significant implications for individuals and businesses conducting large cash transactions, as it aims to streamline the process and alleviate the financial burden associated with such transactions.

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