The Central Bank of Nigeria ( CBN) has removed all limits on cash deposits and raised the weekly cash withdrawal limit across all channels to N500.000.00 up from N100.000.00.
The development is contained in a circular issued yesterday by the CBN to all banks entitled: ‘Revised Cash Related Policies signed by the Director, Financial Policy & Regulation Department, Dr. Rite Sike.
According to the CBN, the revisions form part of ongoing efforts to moderate the rising cost of cash management, address security concerns and curb money laundering risks associated with the country’ s heavy reliance on cash.
The CBN noted that the cash- related policies previously issued in response to evolving circumstances were aimed at reducing cash sage and promoting the adoption of electronic payment channels.
“However, with time , the need to streamline and update these provisions to reflect present – day realities became necessary”
Thus, “ Effective January 1, 2026, the circular announced several key chargers , the cumulative deposit limit has been removed and the fee previously charged on excess deposits will no longer apply,”
The CBN also stated that the cumulative weekly withdrawal limit across all channels has been reviewed to NN500.000.00 for individuals and N5 million for Corporates.
“Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.
“In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and Corporate N10 million once a month has been abolished.
“For Automated Tella Machines ( ATM) daily withdrawal remains capped at N100.000.00 per customer with a maximum of N500.000.00 weekly which forms part of the overall weekly withdrawal limit applicable to all channels including Point- Of – Sales ( POS) transactions, the CBN stated.
“Banks have also been directed to load all currency denominations in ATMs , while the existing limit on over- the – counter encashment of third- party cheques remains pegged at N100.000.00.
“Such withdrawals will also be counted as part of the cumulative weekly limits.
“Additionally, banks are required to render monthly returns to the relevant supervision Department, other financial institutions supervision Department and the payments system Supervision Departments”
The CBN also clarified that revenues generating accounts of Federal, States and Local Governments, as well as the accounts of microfinance banks and primary mortgage banks held with commercial and noninterest banks are exempted from the now withdrawal and excess fee- rules.
However, the long standing exemption previously enjoined by embassies, diplomatic missions and aid- donor agencies has been removed.
