The Central Bank of Nigeria (CBN) has introduced sweeping changes to its cash-handling rules, scrapping all limits on cash deposits and increasing the weekly withdrawal threshold across all channels to N500,000—up from the earlier N100,000.
The policy change was outlined in a circular titled “Revised Cash-Related Policies,” issued to financial institutions and endorsed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
The CBN noted that although earlier cash directives were created to push Nigerians toward electronic payment options, a review became necessary to align with current economic conditions.
With effect from January 1, 2026, the circular listed several major amendments. The cap on cumulative deposits has been abolished, and additional charges for surpassing former deposit limits have been eliminated.
The bank also announced a fresh cumulative withdrawal ceiling of N500,000 weekly for individuals and N5 million for corporate entities across all access points. Any amount above the stated limits will incur excess-withdrawal fees as outlined in the new guidelines.
The earlier monthly special approval which permitted individuals to draw N5 million and corporates N10 million once every month has now been scrapped.
For ATM usage, customers will still be restricted to N100,000 daily, with a total weekly limit of N500,000, which contributes to the overall weekly withdrawal total applicable to ATMs, POS machines, and other channels.
The CBN added that withdrawals exceeding the approved thresholds will attract charges of 3% for individuals and 5% for organizations, to be split 40% to the CBN and 60% to the servicing bank or financial institution.
Banks have also been instructed to ensure ATMs are stocked with all available currency denominations. Meanwhile, the ceiling on over-the-counter withdrawals using third-party cheques remains at N100,000, which will also count toward a customer’s weekly limit.
In addition, deposit money banks are mandated to submit monthly compliance reports to departments responsible for supervision, including Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision.
The circular clarified that the new rules will not apply to revenue-collecting accounts operated by federal, state, or local governments.
Accounts belonging to microfinance banks and primary mortgage banks domiciled with commercial or non-interest banks also remain exempt.
However, the special privileges previously extended to embassies, diplomatic missions, and donor agencies have been revoked.
