The Central Bank of Nigeria (CBN) has removed the cash deposit limit and increased the weekly cash withdrawal limit across all channels to N500,000 from N100,000, the apex bank announced on Monday.
The changes were detailed in a circular titled “Revised Cash-Related Policies,” signed by Dr. Rita Sike, Director of the Department of Financial Policy and Regulation.
According to the CBN, the upgrades are aimed at reducing the rising cost of cash management, addressing security concerns and curbing money laundering risks linked to Nigeria’s heavy reliance on cash.
The bank noted that previous policies sought to limit the use of cash and promote electronic payment channels, but evolving realities made revisions necessary.
Starting January 1, 2026, the cumulative deposit limit has been removed and excess deposit fees will no longer apply.
The weekly withdrawal limit is now N500,000 for individuals and N5 million for corporate accounts, while withdrawals exceeding these amounts will incur excessive charges.
The previous special monthly authorization that allowed withdrawals of N5 million for individuals and N10 million for businesses has also been abolished.
For ATMs, daily withdrawals continue to be capped at N100,000 per customer, which forms part of the weekly limit of N500,000, which also covers point-of-sale transactions.
Excess withdrawals will incur charges of 3 per cent for individuals and 5 per cent for businesses, shared 40/60 between the CBN and the operating bank.
Banks must load all currency denominations at ATMs, maintain the N100,000 limit for over-the-counter cashing of third-party checks and submit monthly statements to supervisory departments.
Revenue accounts of federal, state and local governments, microfinance banks and primary mortgage banks are exempt, while exemptions for embassies, diplomatic missions and aid agencies have been removed.
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