This comes after a series of meetings between top government officials and members of the union.
ASUU has now directed its members to return to classrooms with immediate effect.
President of the Union, Professor Biodun Ogunyemi, addressed a news conference at about 9.30 pm Monday night, after another round of meeting with the government delegation, led by the Minister of Labour, Senator Chris Ngige.
Ogunyemi explained that they decided to conditionally suspend the strike action, in view of the timeline of October 2017 for the implementation of the signed agreement.
ASUU had declared a nationwide strike on August 14, over the failure of the federal government to implement the 2009 agreement.