The Central Bank of Nigeria (CBN) has announced a review of its cash-related policies, removing the limit on cash deposits and raising the weekly cash withdrawal ceiling across all channels to N500,000, up from N100,000.
The changes according to the apex bank, form part of its efforts to cut the rising cost of cash management, strengthen security around cash movement, and further curb money-laundering risks in a country where cash still plays a heavy role in daily transactions.
Effective January 1, 2026, the CBN announced major adjustments. The cumulative deposit limit has been scrapped, and banks will no longer charge customers for depositing beyond set thresholds. Weekly withdrawal limits have also been expanded to N500,000 for individuals and N5 million for corporates, with withdrawals above these limits attracting excess charges.
The circular also abolished the special monthly authorisation that previously allowed individuals to take out N5 million and corporates N10 million once a month.
For ATM users, daily withdrawals remain capped at N100,000, with a maximum of N500,000 per week, forming part of the overall weekly limit for all channels, including POS transactions. Withdrawals above the threshold will attract 3% excess-withdrawal fee for individuals and 5% for corporates, with the charges shared 40% to the CBN and 60% to the issuing bank.