Banks across Nigeria have removed charges on cash deposits and raised daily ATM withdrawal limits to ₦100,000.
Marvelous Sanni
This is following new directives issued by the Central Bank of Nigeria (CBN), a move aimed at reshaping how customers access and move their money from January 1, 2026.
Ecobank disclosed the changes to customers in a notice sent on Friday, noting that the adjustments take effect nationwide and apply across the banking industry.
In the message, the bank stated: “We wish to inform you that as of 1st January 2026, changes to cash deposit and withdrawal limits have been implemented, in line with the Central Bank of Nigeria’s directive.”
Under the revised framework, customers can now deposit any amount without paying additional charges. The notice stated: “Cash deposits: No extra fees. You can deposit any amount.”
The bank also announced new withdrawal ceilings across all banking channels. According to the message, “Weekly cash withdrawal limits across all channels: Individuals: N500,000; Corporates: N5,000,000.” For ATM usage specifically, customers are now permitted higher daily access to cash. The notice added: “ATM limit: N100,000 daily (N500,000 weekly maximum).”
However, withdrawals exceeding the approved weekly thresholds will attract charges. Ecobank warned that “Cumulative weekly withdrawals above these limits shall attract charges: Individuals: 3%; Corporates: 5%.” Customers were also advised that “We encourage the use of digital channels for higher-value transactions.”
Before the apex bank’s directives, large cash deposits had attracted processing fees under earlier CBN guidelines.
Individuals were typically charged about two per cent on deposits above ₦500,000, while corporate customers paid about three per cent on deposits exceeding ₦3 million. The charges were introduced to discourage heavy cash usage and push customers toward electronic payments, but they also increased transaction costs for small businesses, traders and cash-dependent sectors of the economy.
The new cash rules come at a sensitive time for Nigeria’s financial system, as many citizens continue to reduce their reliance on banks amid uncertainty surrounding the federal government’s new tax law scheduled to take effect on January 1, 2026. Across urban centres and rural communities, anxiety over how the tax regime will be enforced has pushed more people to hold physical cash, limit bank transfers and restructure payment patterns.
In November 2025, currency outside banks according to CBN statistics stood at ₦4.91 trillion out of ₦5.26 trillion in circulation, up from ₦4.65 trillion out of ₦5.06 trillion in October, when over 91 per cent of cash remained outside the banking system. The pattern persisted throughout the year, reflecting growing activity in the informal economy and lingering reluctance to keep funds in bank accounts.
Economic pressures have also weighed heavily on household confidence. Since the removal of fuel subsidies in 2023 and the liberalisation of the foreign exchange market, transportation and food costs have surged, while the naira has experienced sharp volatility. As of January 9, 2026, the exchange rate hovered around ₦1,460 per dollar on the parallel market and ₦1,419 at the official CBN window.
Labour groups have equally expressed concern about the broader economic environment. The Nigeria Labour Congress recently warned that the combination of heavy taxation, low wages and rising national debt threatens economic and democratic stability, urging the Federal Government to rethink the new tax laws and re-engage organised labour.
