CBN Removes Cash Deposit Limit, Raises Weekly Withdrawals to N500,000 for Individuals and N5 Million for Corporates
The Central Bank of Nigeria (CBN) has announced a major revision of its cash-related policies, removing the cumulative deposit limit and increasing the weekly cash withdrawal limit to N500,000 for individuals, up from N100,000. The apex bank disclosed the changes in a circular titled “Revised Cash-Related Policies,” signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
The CBN said the updates aim to reduce the rising cost of cash management, address security risks, and curb money laundering associated with the country’s heavy reliance on cash. Previous policies, which encouraged the use of electronic payments, are now being streamlined to reflect current realities.
Effective January 1, 2026, individuals and corporate customers will enjoy higher withdrawal limits across all channels. The weekly cap has been increased to N500,000 for individuals and N5 million for corporates, while withdrawals exceeding these limits will attract charges of 3% for individuals and 5% for corporates. These fees will be shared between the CBN (40%) and the operating bank (60%).
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The circular also abolished the special monthly authorization that previously allowed individuals to withdraw N5 million and corporates N10 million once a month. Daily ATM withdrawals remain capped at N100,000 per customer, forming part of the overall weekly limit, which also covers POS transactions.
Banks are required to load all currency denominations in ATMs, while the limit on over-the-counter encashment of third-party cheques remains N100,000, counting toward the cumulative weekly limit. Additionally, banks must submit monthly reports to the Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision Departments.
Exemptions apply to revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance and primary mortgage banks held with commercial or non-interest banks. However, embassies, diplomatic missions, and aid-donor agencies will no longer enjoy their previous exemptions.
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