This recent adjustment, outlined in the "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions" issued on December 20, 2019 (reference number FPR/DIR/GEN/CIR/07/042), impacts individual accounts with deposits surpassing N500,000 and corporate accounts with deposits exceeding N3,000,000.

The suspension is effective until April 30, 2024, as stated by the CBN.

This decision comes in contrast to the CBN's 2019 declaration to impose fees on customers conducting cash deposits and withdrawals, aiming to decrease the reliance on physical currency.

For corporate accounts, the Deposits Money Banks will now apply a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments exceeding N3,000,000.

“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.