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CBN removes cash deposit cap and raises weekly withdrawal limit to N500,000 for individuals, N5m for corporates.
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Excess withdrawal charges set at 3% for individuals and 5% for firms under new 2026 cash policy.
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Special monthly approvals scrapped as apex bank updates rules to reflect “present-day realities”.
The Central Bank of Nigeria (CBN) has removed the limit on cash deposits and increased the weekly cash withdrawal ceiling across all channels to N500,000, up from N100,000, in a major revision of its cash-related policies.
The new rules were contained in a circular titled “Revised Cash-Related Policies” issued to all banks and signed by Dr. Rita Sike, Director of Financial Policy and Regulation.
CBN Updates Cash Policy Ahead of 2026 Rollout
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According to the apex bank, the adjustments are part of broader efforts to reduce cash management costs, improve security control, and address money-laundering risks linked to Nigeria’s heavy cash usage.
It explained that earlier policies were introduced to discourage excessive cash transactions and promote electronic payments, but the current economic realities necessitated a comprehensive review.
Key Changes Take Effect January 1, 2026
Under the revised framework:
- The cumulative cash deposit limit has been abolished, and the surcharge on excess deposits has been scrapped.
- Weekly cumulative cash withdrawal limits are now N500,000 for individuals and N5 million for corporates.
- Withdrawals above these limits will attract excess charges of 3% for individuals and 5% for businesses, shared 40% to the CBN and 60% to the operating bank.
- The special monthly waiver—which previously allowed individuals to access N5m and corporates N10m once a month—has been cancelled.
ATM, POS and Cheque Rules Updated
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The CBN maintained the daily ATM withdrawal cap of N100,000, with a weekly maximum of N500,000, which forms part of the overall weekly limit across all channels, including POS.
Banks must also load all currency denominations in ATMs.
The existing N100,000 cap on over-the-counter third-party cheque withdrawals remains unchanged, and such transactions will count towards the weekly withdrawal limit.
Supervision, Returns and Exemptions
Banks are required to submit monthly compliance returns to the Banking Supervision, OFI Supervision, and Payments System Supervision departments.
The CBN clarified that accounts belonging to federal, state and local governments, microfinance banks, and primary mortgage banks are exempted from the new limits and charges.
However, the long-standing exemption enjoyed by embassies, diplomatic missions and donor agencies has now been removed.
