The Central Bank of Nigeria (CBN) has announced revisions to its cash withdrawal and cash deposit regulations, increasing weekly withdrawal limits for individuals and corporate entities.
Effective 1 January 2026, all deposit-taking institutions must allow:
- Individuals to withdraw up to ₦500,000 per week and corporates up to ₦5 million per week across all cash-out channels (ATM, POS, over-the-counter).
- ATM withdrawals fixed at ₦100,000 per day, within the overall weekly ceiling of ₦500,000.
- The removal of any cumulative cash-deposit limit and the abolition of fees on “excess” deposits.
The circular, signed by the CBN’s Director of Financial Policy and Regulation, Rita Sike, underscores that the bank is ending the previous special monthly authorisation window, which once allowed individuals to withdraw up to ₦5 million and corporates up to ₦10 million monthly, effective January 2026.
Under the new regime, any withdrawal exceeding the weekly limits will attract what the CBN describes as “excess withdrawal fees”: three percent for individuals and five percent for corporate customers, calculated on the amount above the threshold. The proceeds from these fees will be split 40 percent to the CBN and 60 percent to the relevant bank or financial institution.
Third-party cheques cashed over the counter remain subject to a limit of ₦100,000 per transaction — and such withdrawals will also count towards the weekly withdrawal cap.
According to the CBN, the rationale behind the overhaul is to “moderate the rising cost of cash management, address security concerns and reduce the potential for money laundering associated with the economy’s heavy reliance on cash”. The Bank further noted that the policy changes aim to accelerate the adoption of non-cash payment channels, such as POS, internet banking, and mobile payments.
The shift comes after a period of tighter cash restrictions introduced under Godwin Emefiele. In December 2022, the Emefiele-led CBN limited weekly over-the-counter cash withdrawals to ₦100,000 for individuals and ₦500,000 for corporates.
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