The Central Bank of Nigeria (CBN) has announced a major overhaul of its cash-related policies, removing the cumulative deposit limit and raising the weekly cash withdrawal limit across all channels to N500,000 for individuals and N5 million for corporate organisations. In a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, the apex bank explained that the revision aims to address rising cash management costs, security concerns, and money laundering risks, while reflecting current economic realities.
Effective January 1, 2026, excess withdrawal charges of 3 per cent for individuals and 5 per cent for corporates will apply, while the special monthly large-withdrawal authorization has been abolished. ATM withdrawals remain capped at N100,000 daily and N500,000 weekly, with banks required to load all denominations. Government revenue accounts and accounts of microfinance and primary mortgage banks are exempt, although embassies and donor agencies will no longer enjoy previous exemptions.