BY NGOZI ONYEAKUSI

CBN Governor, Olayemi Cardoso

The Central Bank of Nigeria has removed all cash-deposit limits for bank customers even it mmaintained strict weekly withdrawal ceilings under a revised set of cash-related policies that take effect on January 1, 2026.

The apex bank announced the changes in a circular issued on Tuesday and signed by the Director, Financial Policy and Regulation Department, Dr Rita Sike. The apex bank said the new framework was introduced “to reflect present-day realities” after years of adjustments to cash-management rules. A key provision of the circular is the full abolition of the cumulative deposit limit. The CBN stated that “the cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply,” ending the requirement for customers to pay charges when depositing cash above a set threshold. In 2019, the CBN announced plans to start charging bank customers for cash deposits and withdrawals beginning September 19, 2019. In a publicly released circular, the apex bank explained that the new transaction fees policy was aimed at reducing the amount of cash in circulation and enhancing the collection of government revenues. The apex bank stated that the charges were initially applicable only to bank customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers, and the Federal Capital Territory. However, it indicated that by March 31, 2020, the implementation of the cashless policy would be expanded nationwide.