The Central Bank of Nigeria (CBN) has significantly raised weekly cash withdrawal limits to N500,000 for individuals and N5 million for corporates, effective January 1, 2026. This policy shift, announced via a circular on Tuesday, reverses stricter measures from December 2022, including the removal of cumulative deposit limits.
ATM withdrawals are now capped at N100,000 daily, part of the N500,000 weekly individual limit. Excess withdrawals will incur fees of 3% for individuals and 5% for corporates, shared with banks. The move aims to moderate cash management costs and reduce money laundering risks.