The Central Bank of Nigeria CBN has announced a sweeping overhaul of its cash related policies removing the limit on cash deposits and increasing the weekly cash withdrawal limit across all channels to ₦500000 for individuals up from the previous ₦100000. Corporate bodies can now withdraw up to ₦5 million weekly.
The update was contained in a circular titled “Revised Cash Related Policies” signed by Dr Rita Sike Director of the Financial Policy and Regulation Department.
According to the apex bank the revisions are part of broader efforts to reduce the rising cost of cash management address security issues and curb money laundering risks associated with Nigerias heavy reliance on cash. The CBN noted that while earlier cash policies were intended to promote electronic payments current realities made a review necessary.
Effective January 1 2026 the CBN removed the cumulative cash deposit limit eliminating all related excess deposit fees. It also reviewed the cumulative weekly withdrawal limit upward to ₦500000 for individuals and ₦5 million for corporates. Withdrawals beyond these thresholds will attract excess withdrawal charges of 3 percent for individuals and 5 percent for corporates shared 40 percent to the CBN and 60 percent to the operating bank.
The special monthly authorisation that previously allowed individuals to withdraw ₦5 million and corporates ₦10 million once a month has been abolished. For ATM transactions the daily withdrawal cap remains ₦100000 per customer with a weekly maximum of ₦500000 which forms part of the overall withdrawal limit. Banks must also load ATMs with all currency denominations.
The limit on over the counter third party cheque withdrawals remains ₦100000 and will be counted as part of the weekly cumulative limit. Banks are now required to submit monthly compliance reports to the relevant supervisory departments including Banking Supervision OFI Supervision and Payments System Supervision.
The CBN clarified that government revenue accounts microfinance bank accounts and primary mortgage bank accounts held with commercial or non interest banks remain exempt from these withdrawal and excess fee rules. However the long standing exemption previously granted to embassies diplomatic missions and donor agencies has been removed.
