The Central Bank of Nigeria (CBN) has announced a sweeping revision of its cash policies, removing limits on deposits and significantly increasing the amount customers can withdraw weekly.
In a circular issued on Wednesday and signed by Dr. Rita Sike, Director of Financial Policy & Regulation, the apex bank outlined new rules set to take effect nationwide on January 1, 2026.
Key Changes for Customers:
· No Deposit Limits: The cumulative limit on cash deposits and the associated fee for exceeding it have been removed entirely.
· Higher Withdrawal Limits: The weekly cash withdrawal limit across all channels (ATM, over-the-counter, POS) has been raised to N500,000 for individuals (up from N100,000) and N5 million for corporations.
· ATM Withdrawals: The daily ATM withdrawal limit is now N100,000 per customer, subject to the new weekly cap.
· Excess Withdrawal Fees: Withdrawals above the new weekly limits will attract a 3% fee for individuals and a 5% fee for corporate customers on the excess amount.
The circular stated that the policy changes are intended to “reflect present-day realities” and streamline previous regulations issued to reduce cash usage and encourage electronic payments.
The CBN also removed previous special authorizations for large monthly cash withdrawals and ended exemptions previously granted to embassies and diplomatic missions.
The new rules are mandatory for all deposit-taking financial institutions in Nigeria. Banks have been directed to render monthly returns on compliance to the CBN’s supervisory departments.
Disclaimer:
This article summarizes new financial regulations issued by the Central Bank of Nigeria. The policies take effect on January 1, 2026. Customers are advised to contact their banks for specific implementation details.
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