The Central Bank of Nigeria (CBN) has scrapped limits on cash deposits and raised the weekly withdrawal cap to N500,000, up from N100,000, across all channels.
The changes were announced in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
According to the CBN, the revised policy aims to cut cash-management costs, boost security, and reduce money-laundering risks associated with the economy’s dependence on physical cash.
“These policies—introduced over time in response to developments in cash management—were meant to discourage excessive cash use and promote alternative payment methods, especially electronic channels. With time, it has become necessary to streamline them to match current realities,” the circular explained.
Effective January 1, 2026, several major adjustments take effect:
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The cumulative cash-deposit limit has been removed, and fees for exceeding deposit limits have been abolished.
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Weekly withdrawal limits are now N500,000 for individuals and N5 million for corporates. Withdrawals beyond these thresholds will attract the stipulated excess-withdrawal charges.
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The special monthly allowance for one-off withdrawals of N5 million (individuals) and N10 million (corporates) has been discontinued.
ATM withdrawals remain capped at N100,000 daily and N500,000 weekly, and form part of the overall weekly withdrawal limit across all channels, including POS.
Excess withdrawals will attract charges of 3% for individuals and 5% for corporates, shared 40% to the CBN and 60% to the bank or financial institution handling the transaction.
Banks have also been instructed to load all currency denominations in ATMs. The N100,000 limit on over-the-counter cashing of third-party cheques remains, and such withdrawals count toward the weekly limit.
Additionally, banks must submit monthly compliance reports to the relevant supervisory departments, including Banking Supervision, OFI Supervision, and Payment Systems Supervision.
The CBN noted that accounts belonging to federal, state, and local government revenue bodies, as well as microfinance and primary mortgage banks, are exempt from the new withdrawal rules. However, embassies, diplomatic missions, and donor agencies will no longer enjoy their previous exemptions.
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