The Central Bank of Nigeria (CBN) has lifted the cap on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.
The apex bank announced the changes in a circular to all banks titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department. According to the CBN, the revisions aim to reduce cash management costs, enhance security, and mitigate money laundering risks associated with the economy’s heavy reliance on physical currency.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage adoption of electronic payment channels. With time, there is a need to streamline these provisions to reflect present-day realities,” the CBN stated.
Effective January 1, 2026, key changes include:
Removal of the cumulative deposit limit; fees previously charged on excess deposits will no longer apply.
Revised weekly withdrawal limits: N500,000 for individuals and N5 million for corporate accounts. Withdrawals above these limits will attract excess withdrawal charges.
Abolition of the special monthly authorization, which previously allowed individuals to withdraw N5 million and corporates N10 million once a month.
ATM withdrawals remain capped at N100,000 daily per customer, with a maximum of N500,000 weekly, forming part of the overall weekly withdrawal limit across all channels, including point-of-sale (POS) transactions.
Excess withdrawal charges: 3% for individuals and 5% for corporates, shared between the CBN (40%) and the operating bank (60%).
Banks must load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains N100,000 and counts toward the cumulative weekly limit.
Reporting requirements: Banks are required to submit monthly returns to the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.
The CBN clarified that 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, the previous exemption for embassies, diplomatic missions, and aid-donor agencies has been removed.
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