Fees on cash deposits over ?500k are suspended by CBN until April 2024

All financial institutions that fall under the CBN's regulatory scope are required to stop levying these fees.A major step has been made by the Central Bank of Nigeria (CBN), which announced the immediate suspension of processing fees on large cash deposits.A breakthrough move was announced with the publication of the "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions." With immediate effect, the suspension will remain in place until the end of business on April 30, 2024, offering relief to account holders nationwide, including individuals and corporations. Deposits beyond ?500,000 for individual accounts and ?3,000,000 for business accounts are the specified objectives of the suspension. Depositors used to bear the burden of processing fees for these transactions, which were 2% and 3%, respectively.