The Central Bank of Nigeria (CBN) has announced the removal of all restrictions and fees on cash deposits into bank accounts, effective January 1, 2026, while maintaining strict weekly withdrawal limits.

The new directive, outlined in a circular signed by Director of Financial Policy and Regulation Rita Sike, is intended to align cash management policies with current economic realities.

The policy eliminates the cumulative deposit ceilings that previously triggered charges for large sums. Under the old rules, banks levied a 2% fee on individual deposits above ₦500,000 and 3% on corporate deposits exceeding ₦3 million. Those charges, suspended in December 2023, are now permanently abolished, allowing unlimited deposits without penalties.

Weekly withdrawal caps remain unchanged at ₦500,000 for individuals and ₦5 million for corporates across all channels. Withdrawals above these thresholds will continue to attract fees of 3% for individuals and 5% for corporates, shared between the CBN and banks.

Daily ATM withdrawal limits stay at ₦100,000, contributing to the weekly total, while over-the-counter third-party cheque encashment is capped at ₦100,000. Special monthly approvals for higher limits — ₦5 million for individuals and ₦10 million for corporates — have been discontinued.

Banks are now required to load all naira denominations into ATMs and submit monthly reports on excess withdrawals and deposits. They must also maintain separate internal accounts to hold collected fees.

Exemptions apply to government revenue accounts and those of microfinance or primary mortgage banks, but embassies, diplomatic missions, and aid agencies will no longer enjoy waivers under the new regime.