The Central Bank of Nigeria (CBN) has abolished limits on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000 for individuals and N5 million for corporate bodies, up from N100,000.
The policy update was announced in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department. The CBN stated that the review aims to reduce cash-management costs, address security concerns, and curb money-laundering risks, while aligning regulations with current economic realities.
Effective January 1, 2026, the following key changes take effect:
Cash deposit limits removed; excess-deposit fees eliminated.
Weekly withdrawal limits reviewed upward to N500,000 (individuals) and N5 million (corporates). Withdrawals above these limits will attract 3% (individuals) and 5% (corporates) excess-withdrawal charges, shared 40% to the CBN and 60% to the financial institution.
The previous special monthly authorization—allowing individuals to withdraw N5 million and corporates N10 million once a month—has been abolished.
ATM withdrawal cap remains N100,000 daily and N500,000 weekly, forming part of the overall weekly limit across all channels, including POS.
Banks must load all denominations in ATMs.
Third-party cheque withdrawals remain capped at N100,000 and count toward the weekly withdrawal limit.
Banks must submit monthly compliance returns to relevant supervisory departments.
The CBN also clarified that government revenue accounts, as well as microfinance and primary mortgage bank accounts held with commercial or non-interest banks, are exempt from the new withdrawal rules. However, the previous exemptions granted to embassies, diplomatic missions, and donor agencies have beenv removed.
This policy marks a significant shift in Nigeria’s cash-management framework as the CBN seeks to balance financial inclusion, security, and economic efficiency.
