The Central Bank of Nigeria (CBN) has removed limits on cash deposits and increased the weekly cash withdrawal threshold across all channels to N500,000 for individuals and N5 million for corporate bodies.
The new directive, contained in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department, takes effect from January 1, 2026.
According to the CBN, the revision is part of ongoing efforts to reduce the growing cost of cash management, enhance security, and address money laundering risks linked to Nigeria’s heavy dependence on physical cash. The apex bank noted that its earlier cash policies were introduced to curb cash usage and promote electronic payment channels, but evolving realities have made updates necessary.
Under the new guidelines, the cumulative cash deposit limit has been scrapped, and the charges previously applied on excess deposits have been abolished.
The bank also announced a new cumulative weekly withdrawal limit of N500,000 for individuals and N5 million for corporates across all channels. Withdrawals above these limits will attract excess charges of 3% for individuals and 5% for businesses, to be shared between the CBN (40%) and the operating bank (60%). The special monthly allowance permitting individuals to withdraw N5 million and corporates N10 million once a month has been discontinued.
Daily ATM withdrawals remain capped at N100,000 per customer, with a weekly maximum of N500,000—now part of the overall withdrawal limit. The CBN also directed banks to load all denominations into ATMs.
The circular further stated that over-the-counter withdrawal of third-party cheques will remain limited to N100,000 and counted as part of the weekly limit. Banks are also required to file monthly compliance reports with relevant supervisory departments.
However, the CBN noted that revenue-generating accounts of federal, state, and local governments, as well as accounts belonging to microfinance and primary mortgage banks, are exempted from the new rules. The long-standing exemption enjoyed by embassies, diplomatic missions, and donor agencies has now been removed.
The revised policy signals a significant recalibration of Nigeria’s cash management framework as the CBN attempts to balance financial security, cost efficiency, and public accessibility to cash.