In a major policy shift, the Central Bank of Nigeria (CBN) has announced an increase in cash withdrawal and deposit regulations, effective January 1, 2026.
The apex bank in a circular signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike said the weekly cash withdrawal limit for individuals has been increased from ₦100,000 to ₦500,000 across all channels, including ATMs, Point-of-Sale (POS) terminals, and over-the-counter transactions.
She noted that corporate entities would now enjoy a higher weekly limit of ₦5 million, up from the previous ₦500,000.
Sike stated: “As part of efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the economy’s heavy reliance on cash, the Central Bank of Nigeria implemented several cash-related policies.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities.
“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:
“Limit on deposit and associated fee on excess deposit 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 beN 500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees.”
The CBN added that the special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively shall no longer apply.
It noted: “Automated Teller Machine (ATM) withdrawal limit shall be 100,000 daily (per customer), subject to a maximum of 500,000 weekly. 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shall attract fees of 3 percent and § percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 per cent to the CBN and 60 percent to the bank or financial institution.
“The limit on over-the-counter encashment of 3rd party cheques is retained at N100,000. Account holders are advised that any withdrawal under this Section will form part of the cumulative weekly set.”