The Central Bank of Nigeria (CBN), on Monday, announced the immediate suspension of the processing fees on cash deposits charged banks and other financial institutions till April, 2024.

The suspension is contained in a circular signed by Dr Adetona Adedeji, the Director, Banking Supervision, and addressed to “all banks, other financial institutions and non-banking financial institutions”.

Recall that a processing charge of two per cent was, hitherto, imposed on cash deposits above N500,000 for individuals, as contained in a CBN guide issued in December 2019.

The guide also stipulated a three per cent charge for corporate cash deposits above N3
million.