Central Bank of Nigeria, on Wednesday, removed the cumulative cash deposit limit for individuals and corporate organisations, raising the weekly cash withdrawal limit across all channels to N500,000 for individuals, up from N100,000.
CBN announced this in a circular, titled, “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department.
The apex bank said the policy revisions were aimed at moderating the rising costs of cash management, addressing security concerns, and curbing money laundering risks linked to the country’s heavy reliance on cash transactions.
CBN noted that previous cash-related policies were introduced to reduce cash usage and encourage the adoption of electronic payment channels.
But evolving economic and operational realities necessitated a review to streamline provisions in line with present-day circumstances.
From January 1, 2026, the cumulative cash deposit limit has been abolished, and the previous fee charged on excess deposits will no longer apply.
The revised rules also set the cumulative weekly withdrawal limit for individuals at N500,000 and N5m for corporate accounts.
Withdrawals exceeding these limits will incur excess charges of three percent for individuals and five percent for corporates, with proceeds shared in a 40:60 ratio between the CBN and the respective banks.
The circular also abolished the special monthly authorisation that previously allowed individuals to withdraw N5m and corporate N10m once per month.
For Automated Teller Machines, the daily withdrawal limit remains N100,000 per customer, while the weekly ATM limit now forms part of the total weekly withdrawal cap of N500,000. Point-of-sale (POS) transactions are also included in this overall weekly limit.
Banks have been instructed to ensure that all currency denominations are loaded in ATMs to improve access to cash.
Meanwhile, the existing limit for over-the-counter encashment of third-party cheques remains N100,000 and is counted toward the cumulative weekly limit.
The CBN further directed banks to submit monthly returns to the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department to ensure compliance.
