The Central Bank of Nigeria (CBN) has unveiled sweeping changes to its cash-handling regulations, scrapping the cap on cash deposits and expanding the weekly withdrawal limit for individuals to N500,000—five times higher than the previous N100,000 benchmark.
The revised rules were detailed in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department. The apex bank said the overhaul was necessary to reduce the escalating cost of managing physical cash, strengthen security, and minimise money-laundering risks linked to Nigeria’s heavily cash-reliant economy.
Under the new framework, which takes effect from January 1, 2026, the CBN abolished the cumulative deposit limit and removed all penalty fees previously applied to customers who exceeded the old thresholds.
Individuals can now withdraw up to N500,000 weekly across all channels, while corporate bodies are allowed up to N5 million. Withdrawals above the limits will attract excess charges of 3% for individuals and 5% for organisations—fees that will be apportioned 40% to the CBN and 60% to the servicing bank.
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The apex bank also cancelled the special monthly approval that permitted individuals to withdraw N5 million and companies N10 million once a month.
ATM users remain restricted to a daily limit of N100,000 and a weekly cap of N500,000, both of which contribute to the total allowable weekly withdrawals across ATMs, POS terminals, and other access points.
The circular further directed banks to keep ATMs stocked with all available currency denominations. The limit on over-the-counter withdrawals with third-party cheques stays at N100,000 and will count toward the customer’s weekly total.
Deposit money banks must now submit monthly compliance reports to the relevant supervisory departments, including Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision.
The CBN clarified that the revised rules do not apply to government revenue accounts at federal, state, or local levels. Accounts owned by microfinance and primary mortgage banks and domiciled with commercial or non-interest banks are also exempt. However, previously granted privileges to embassies, diplomatic offices, and donor agencies have been withdrawn.
According to the CBN, the adjustments reflect a necessary recalibration of earlier cash-related directives designed to promote electronic payments, stating that the evolving economic realities made a comprehensive review inevitable.
