The Central Bank of Nigeria (CBN) has removed the limit on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000 from N100,000.
This move is aimed at moderating the rising cost of cash management, addressing security concerns, and reducing the potential for money laundering associated with the country’s heavy reliance on cash.
According to the CBN, the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates. Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.
The special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.
The CBN also stated that the limit on over-the-counter encashment of third-party cheques remains pegged at N100,000, and such withdrawals will be counted as part of the cumulative weekly limit. Additionally, banks have been directed to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains.
The apex bank explained that 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 clarified that revenue-generating accounts of federal, state, and local governments, as well as the accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks, are exempted from the new withdrawal and excess-fee rules.
The new policy will take effect from January 1, 2026, and applies nationwide to all deposit-taking financial institutions.
