The Central Bank of Nigeria (CBN) has removed restrictions on cash deposits and increased the weekly withdrawal limit for individuals to N500,000 as part of a major review of cash-related policies.
The circular, titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of Financial Policy & Regulation, also raises the corporate weekly withdrawal limit to N5 million. Previously, individuals could only withdraw N100,000 per week.
Effective January 1, 2026, cumulative deposit limits and associated fees are abolished. The special monthly authorisation allowing withdrawals of N5 million for individuals and N10 million for corporates is also discontinued. Excess withdrawals above the new limits will incur 3% fees for individuals and 5% for corporates.
ATM withdrawals remain capped at N100,000 daily per customer, included in the weekly limit covering POS and over-the-counter transactions. Banks are required to load all denominations in ATMs and submit monthly reports to CBN supervisory departments.
Exemptions apply to government revenue accounts, microfinance, and primary mortgage bank accounts. The exemption for embassies and donor agencies has been removed.
The CBN said the changes are designed to reduce cash management costs, improve security, and modernise Nigeria’s payment system while maintaining practical access to cash.
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