The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.
This was announced in a circular on Tuesday as the apex bank pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.
The CBN said the cash-policy update is part of a broader push to lower cash-handling costs, improve public safety, and reduce financial crimes fueled by high cash dependency. It explained that earlier directives were designed to discourage physical cash transactions and fast-track digital payments, but evolving economic and security conditions made a policy reset necessary.
Starting January 1, 2026, limits on cumulative cash deposits will no longer apply, and banks are barred from charging fees on previously defined “excess” deposits.
Under the new framework, weekly cash-withdrawal ceilings across all channels have been revised to N500,000 for individuals and N5 million for corporate entities. Transactions above these marks will incur penalties outlined by the apex bank.
The policy also cancels previously permitted one-off monthly withdrawals of N5 million for individuals and N10 million for corporations, ending an exceptional window that had allowed larger cash access once per month.
Daily ATM withdrawals remain capped at N100,000, with a weekly maximum of N500,000, both of which count toward the total weekly withdrawal limits, including PoS transactions processed by licensed operators.
For withdrawals above the defined weekly caps, individuals will pay 3% while corporates will pay 5%. The CBN said proceeds from these penalties will be split 40:60, with 40% credited to the regulator and 60% retained by operating banks or financial institutions.
CBN also ordered banks to stock ATMs with all currency denominations, maintaining a N100,000 cap on over-the-counter cashing of third-party cheques, which will also be recorded within weekly withdrawal totals.
Public revenue-collection accounts operated by federal, state, and local governments are shielded from the new sanction regime, as are accounts belonging to microfinance and primary mortgage institutions domiciled within commercial and non-interest banks. However, exemptions that once covered embassies, donor-funded agencies, and diplomatic missions have been withdrawn.
