The Central Bank of Nigeria (CBN) has lifted the restriction on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000 for individuals, up from the previous N100,000.
The announcement was made in a circular titled “Revised Cash-Related Policies,” signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
The apex bank explained that the changes are part of ongoing efforts to reduce the rising cost of cash management, improve security, and curb money laundering risks linked to Nigeria’s heavy reliance on cash. Previous cash-related policies were aimed at reducing cash usage and encouraging electronic payment adoption, but the CBN said updates were necessary to reflect current realities.
Effective January 1, 2026, key revisions include the removal of the cumulative deposit limit, with fees on excess deposits abolished. The weekly withdrawal limit across all channels has been raised to N500,000 for individuals and N5 million for corporates, with excess withdrawals subject to charges.
The previous special monthly authorization allowing individuals to withdraw N5 million and corporates N10 million once a month has been abolished.
For ATMs, daily withdrawals remain capped at N100,000 per customer, with a maximum of N500,000 weekly. Excess withdrawals above the stipulated limits will attract fees of 3 percent for individuals and 5 percent for corporates, shared 40 percent to the CBN and 60 percent to the bank or financial institution.
Banks have been instructed to load ATMs with all currency denominations. The existing N100,000 limit on over-the-counter encashment of third-party cheques remains, and such withdrawals will count toward the weekly cumulative limit. Banks must also submit monthly reports to the Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision departments.
Certain accounts, including revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks, are exempt from the new withdrawal and excess-fee rules. However, exemptions previously extended to embassies, diplomatic missions, and aid-donor agencies have been removed.
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