In a move aimed at boosting cash circulation and promoting financial inclusion, the Central Bank of Nigeria (CBN) has announced the suspension of processing fees on large cash deposits until April 30, 2024. This decision comes as a surprise to many, considering the CBN's previous efforts to encourage cashless transactions through various policies and fees. Central Bank of Nigeria building Previously, individuals and corporate entities depositing cash exceeding N500,000 and N3,000,000, respectively, were charged processing fees of 2% and 3% respectively. However, with the suspension, these fees will no longer apply until the stipulated date. Promote cash circulation: The CBN believes that the suspension will encourage more people to deposit their cash in banks, thereby increasing the amount of money available for lending and economic activity. Financial inclusion: The policy aims to make banking services more accessible to everyone, particularly those who rely on cash transactions...



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