The Central Bank of Nigeria (CBN) has lifted the limits on cash deposits and boosted the weekly cash withdrawal limit across all channels to N500,000 from N100,000, the top bank stated on Monday.
The modifications were detailed in a circular headed “Revised Cash-Related Policies,” signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
According to the CBN, the modifications aim to minimize the rising cost of cash management, address security issues, and curb money laundering risks associated to Nigeria’s strong reliance on cash.
The bank highlighted that past regulations attempted to limit cash usage and promote electronic payment methods, but developing circumstances made revisions necessary.
Effective January 1, 2026, the cumulative deposit limit has been eliminated, and the fees on excess deposits will no longer apply.
The weekly withdrawal limit is now N500,000 for individuals and N5 million for corporate accounts, while withdrawals over these amounts would attract excess charges.
The former special monthly authorization permitting withdrawals of N5 million for individuals and N10 million for corporate has also been discontinued.
For ATMs, daily withdrawals remain capped at N100,000 per customer, forming part of the weekly N500,000 restriction, which also covers POS transactions.
Excess withdrawals will incur charges of 3 per cent for individuals and 5 per cent for corporates, divided 40/60 between the CBN and the operating bank.
Banks are expected to load all currency denominations in ATMs, maintain the N100,000 limit for over-the-counter encashment of third-party cheques, and report monthly returns to regulatory offices.
Revenue accounts of federal, state, and local governments, microfinance banks, and primary mortgage banks are exempted, whereas exemptions for embassies, diplomatic missions, and humanitarian agencies have been abolished.
