The Central Bank of Nigeria has released a new set of cash-related policies, saying the updates are needed to streamline existing rules and reflect “present-day realities.”
According to the new circular, the revised framework will take effect from January 1, 2026, and will apply nationwide to all deposit-taking financial institutions.
The apex bank said the move is part of ongoing efforts to reduce rising cash-handling costs, address security concerns, and curb money-laundering risks linked to the economy’s heavy reliance on physical cash.
New Weekly Withdrawal Limits
The new cumulative weekly withdrawal cap is set at ₦500,000 for individuals and ₦5 million for corporate bodies across all channels.
ATM withdrawals are now set to ₦100,000 per day, with a weekly maximum of ₦500,000 for individuals. The apex bank stressed that cash withdrawn through ATMs and PoS devices will count toward each customer’s overall weekly withdrawal limit.
The circular also noted that all naira denominations can now be loaded into ATMs—removing earlier restrictions.
Fees on Excess Withdrawals
Customers who exceed the new limits will pay excess-withdrawal fees: 3% for individuals and 5% for corporates. The fees will be shared between the CBN (40%) and the customer’s financial institution (60%).
Special Authorizations Removed
The CBN has also scrapped the previous special authorization window that allowed individuals to withdraw ₦5 million and corporates ₦10 million once a month. Under the revised policy, this provision no longer applies.
Deposit Limits and Fees Removed
In a major relief for bank customers, the new policy completely removes the cumulative limit on deposits. This means customers can pay in any amount of cash without attracting fees. The CBN also confirmed that charges on excess deposits will no longer apply from the beginning of the new year.
Third-Party Cheques
For third-party cheques, the existing ₦100,000 encashment limit remains in place. Any withdrawals made through this method will still count toward the customer’s cumulative weekly withdrawal ceiling.
Recall that On December 6, 2022, the Central Bank of Nigeria announced sharp reductions in cash withdrawal limits as part of its cashless policy drive. The limit for individuals was lowered from N500,000 to N100,000, representing an 80 percent cut, while the corporate withdrawal limit was reduced from N3 million to N500,000, an 83.33 percent drop. The CBN also set new over-the-counter withdrawal caps—N100,000 for individuals and N500,000 for corporates—to take effect from January 9, 2023. At the time CBN said the measures were designed to curb the volume of cash in circulation and promote the adoption of electronic payment channels.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
