Large cash deposit processing fees have been discontinued by the Central Bank of Nigeria, as per a statement issued on Monday by Dr. Adetona Adedeji, Acting Director of Supervision.

The latest information pertains to deposits that surpass N500,000 for individual accounts and N3,000,000 for corporate accounts, as per the December 20, 2019, publication of the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” (FPR/DIR/GEN/CIR/07/042).

CBN stated that the suspension would be in effect until April 30, 2024.

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In an effort to decrease the amount of cash in circulation, the CBN announced in 2019 that it will start charging bank clients fees for cash deposits and withdrawals.

The Deposits Money Banks will charge three percent processing fees for deposits above N3,000,000 and five percent processing fees for withdrawals from corporate accounts, according to a recent announcement by the CBN.

“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.