The Central Bank of Nigeria (CBN) has reviewed its cash withdrawal rules, raising limits on all channels to N500,000 weekly for individuals and N5 million for corporate account holders.
The apex bank announced the revised framework in a circular issued on Tuesday, pegging automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.
The new directive marks a significant departure from the stringent cash limits introduced during the tenure of former CBN Governor Godwin Emefiele.
In December 2022, the bank had restricted over-the-counter withdrawals to N100,000 for individuals and N500,000 for corporates per week.
The CBN also scrapped the cumulative deposit limit, stating that the surcharge on excess deposits “shall no longer apply”.
According to the regulator, the latest adjustments are aimed at reducing the high cost of cash management, tackling security concerns, and curbing money laundering risks linked to the country’s heavy dependence on physical cash.
Over the years, the bank said its cash-related policies were designed to promote the use of electronic payment channels and reduce cash handling across the economy.
However, it noted that with changing economic realities and the “effluxion of time”, a harmonisation of existing rules had become necessary.
The circular added:
“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide.”
It reaffirmed that:
“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.
“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates.
Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.
“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.
“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly.
As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.
“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn.
The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”
The revised cash policy is expected to shape banking operations ahead of 2026 as financial institutions begin adjustments to ensure full compliance.
