The Central Bank of Nigeria (CBN) has announced a sweeping revision of its cash‑handling regulations, scrapping deposit limits and sharply raising weekly cash‑withdrawal ceilings for individuals and corporate customers — in a major policy shift that takes effect from January 1, 2026.
In a circular titled “Revised Cash‑Related Policies,” signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN removed the cumulative deposit limit for all customers. The previous fee structure imposed on “excess deposits” will no longer apply.
Under the new framework, individuals may now withdraw up to ₦500,000 weekly across all channels — including ATMs, point‑of‑sale terminals, and over‑the‑counter transactions — a substantial increase from the previous ₦100,000 cap. Corporate entities will enjoy a weekly ceiling of ₦5 million, up from ₦500,000.
ATM withdrawals will also see revised limits: the new policy sets a daily cap of ₦100,000 per customer, with cumulative weekly withdrawals still constrained within the overall ₦500,000 limit.
Where customers withdraw beyond the stipulated limits, the CBN has retained excess‑withdrawal charges — 3 percent for individuals and 5 percent for corporate accounts — to be shared between the CBN (40 percent) and the operating bank (60 percent).
The circular also abolishes the special monthly authorisation scheme that previously allowed individuals and corporates to withdraw larger sums (₦5 million and ₦10 million respectively) once per month. That option will no longer be available under the new rules.
In addition, banks have been directed to load all denominations of naira notes in ATMs — a move intended to improve cash availability across the banking network. The longstanding N100,000 limit on over‑the‑counter cheque encashments for third‑party cheques remains, and any such withdrawals will count toward the weekly cumulative limit.
The CBN says the policy overhaul reflects “present‑day realities,” citing rising costs of cash management, security concerns, and the need to curb money‑laundering risks in Nigeria’s heavily cash‑dependent economy. The previous cash‑limit framework had been introduced in tandem with the earlier naira‑redesign and cash‑limit directives — policies that had, over the years, drawn public criticism for constraining access to physical cash.
