The Central Bank of Nigeria has announced major changes to its cash-handling policies, scrapping all limits on cash deposits and raising weekly withdrawal thresholds for individuals and businesses.
The new directives, contained in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of Financial Policy and Regulation, will take effect from January 1, 2026.
Under the revised guidelines, individuals can now withdraw up to N500,000 weekly, while corporate organisations are permitted N5 million.
Withdrawals above these limits will attract charges of 3 percent for individuals and 5 percent for corporates, shared between the CBN and the operating bank.
The apex bank also confirmed that the daily ATM withdrawal cap remains N100,000, with a weekly maximum of N500,000, which forms part of the overall withdrawal limit across all channels, including POS transactions.
In a significant policy shift, the CBN removed the cumulative cash deposit limit and scrapped the fees previously charged on excess deposits.
It also abolished the special monthly approval that allowed individuals to withdraw N5 million and corporates N10 million once a month.
Banks have been instructed to load all currency denominations in ATMs, while over-the-counter withdrawals using third-party cheques remain restricted to N100,000 and will count toward the weekly limit.
According to the circular, the policy review is part of ongoing efforts to reduce the high cost of cash management, close security gaps, and tackle money laundering risks linked to heavy cash usage.
The CBN added that government revenue accounts and the accounts of microfinance and primary mortgage banks are exempted from the new limits.
However, embassies, diplomatic missions, and donor agencies will no longer enjoy previous waivers.
Banks are also required to submit monthly compliance reports to the relevant supervisory departments.