BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal 

BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal 

The Central Bank of Nigeria (CBN) has removed the limit on cash deposits and raised the weekly cash withdrawal ceiling across all channels to N500,000, up from N100,000.

The announcement was contained in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department.

According to the CBN, the policy review is part of efforts to reduce the rising cost of cash management, address security concerns, and curb money-laundering risks associated with Nigeria’s high cash usage.

The bank noted that earlier restrictions were introduced to promote electronic payments, but evolving realities have made an update necessary.

Effective January 1, 2026, the apex bank announced several major adjustments. The cumulative deposit limit has been abolished, and charges on excess deposits have been scrapped.

The weekly withdrawal limit has been increased to N500,000 for individuals and N5 million for corporate customers. Withdrawals above these thresholds will attract excess-withdrawal fees as outlined in the circular.

The special monthly waiver that previously allowed individuals to withdraw N5 million and corporates N10 million has been discontinued.

ATM withdrawals remain capped at N100,000 daily and N500,000 weekly, which forms part of the overall limit across all channels, including POS transactions.

The CBN stated that withdrawals exceeding the approved limits will attract charges of 3% for individuals and 5% for corporates, to be shared between the CBN and the operating bank in a 40:60 ratio.

Banks have also been directed to load ATMs with all currency denominations.

The N100,000 limit on over-the-counter third-party cheque encashment remains in force and will count toward the weekly withdrawal limit.

Financial institutions are required to submit monthly compliance reports to the relevant supervisory departments.

The circular further clarified that revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks, are exempt from the new rules.

However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.