In a significant policy shift, the Central Bank of Nigeria (CBN) has removed all limits on cash deposits and raised the weekly cash withdrawal threshold for individuals to N500,000, a five-fold increase from the previous N100,000 limit.
According to a circular issued on Tuesday and signed by Dr. Rita Sike, Director of Financial Policy & Regulation, the new policies take effect from January 1, 2026. The CBN stated the revisions aim to moderate the rising cost of cash management and address security concerns while still curbing money laundering risks.
Key changes include the removal of deposit limits and associated fees, while withdrawals above the new weekly thresholds will attract a 3% charge for individuals and 5% for corporates. The corporate weekly withdrawal limit is now N5 million.
The special monthly authorisation for higher withdrawals has been abolished, but government revenue accounts and accounts of microfinance banks remain exempt from the new rules.
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Disclaimer: This report is based on an official CBN circular. All individuals and businesses are advised to consult their banks for specific guidance on implementing the new policies.
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