The Central Bank of Nigeria has eliminated all limits on cash deposits, signaling a major reversal of previous cash-restriction measures implemented under the former administration.
In addition, the apex bank has raised the weekly cash withdrawal limit for both individuals and businesses, aiming to ease financial transactions and boost liquidity in the economy.
Under the new framework, the previous special authorisation that allowed individuals to withdraw ₦5 million and corporates ₦10 million once per month has been discontinued.
The CBN explained that its earlier cash policies were introduced over time in response to changing economic circumstances.
However, with the evolving financial landscape, there is now a need to streamline these provisions to align with current realities.
In a circular issued on Tuesday, December 2, 2025, and signed by the Director of the Financial Policy & Regulation Department, Dr. Rita I. Sike, the bank stated that the policy aims to lower cash management costs, enhance security, and curb money laundering risks linked to Nigeria’s heavy reliance on physical currency.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN said.
Starting January 1, 2026, individuals will be allowed to withdraw up to ₦500,000 weekly through all channels, while corporate entities will be capped at ₦5 million.
Withdrawals beyond these limits will attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and financial institutions.
Daily ATM withdrawals will be limited to ₦100,000 per customer, with a cumulative weekly cap of ₦500,000. These ATM transactions will count toward the overall weekly withdrawal limit.
The CBN also confirmed that all currency denominations may now be loaded into ATMs, while the over-the-counter encashment limit for third-party cheques remains at ₦100,000 and will also count toward the weekly withdrawal total.
Deposit Money Banks are required to submit monthly reports detailing cash withdrawals above the set limits, as well as deposits, to the relevant supervisory departments.
Banks must also maintain separate accounts to hold processing fees collected from excess withdrawals.
Exemptions from the new withdrawal limits and fees apply to revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks.
However, previous exemptions granted to embassies, diplomatic missions, and aid-donor agencies have been removed.
The CBN clarified that while the circular does not override certain previous directives, it supersedes others as outlined in its appendices.
