The Central Bank of Nigeria (CBN) has abolished all limits on cash deposits and increased the weekly cash withdrawal ceiling for individuals from N100,000 to N500,000, effective 1 January 2026.
The apex bank also raised the corporate weekly withdrawal limit to N5 million, while withdrawals exceeding these thresholds will attract processing fees of 3% for individuals and 5% for corporates.
Announced in a circular titled “Revised Cash-Related Policies” and signed by the Director of Financial Policy & Regulation, Rita Sike, the reforms are aimed at easing the rising cost of cash management for banks, reducing security risks associated with large cash movements, and updating policies introduced years ago to curb excessive cash circulation and money laundering.
Other key adjustments include scrapping the former monthly “special authorization” for N5 million/N10 million withdrawals, maintaining the N100,000 daily ATM cap, and removing long-standing exemptions previously granted to embassies and aid-donor agencies.
Meanwhile, banks have been instructed to load ATMs with all denominations and to report monthly to CBN supervisory departments.
Government revenue accounts, microfinance banks, and primary mortgage banks remain fully exempt from the new withdrawal charges.
The CBN said these measures reflect current realities and aim to balance the adoption of electronic payments with practical cash access for Nigerians.
