The Central Bank of Nigeria, on Monday, suspended the processing fees of two percent and three percent previously charged on all cash deposits above N500,000 for individuals and N3m for corporates with immediate effect.

This development followed the lingering cash scarcity that had persisted in different parts of the country.

In a letter signed by its acting Director of Banking Supervision, Dr Adetona Adedeji, it said, “The Central Bank of Nigeria therefore suspends the charging of processing fees of two and three previously charged on all cash deposits above these thresholds with immediate effect.”

According to the document, the suspension would remain in effect until April 30, 2024. The apex bank directed all financial institutions regulated by it to accept all cash deposits from the public without any charges going forward.