Di Central Bank of Nigeria (CBN) don announce say dem don remove limit wey dey on cash deposits and dem don raise di weekly cash withdrawal limit to N500,000 for individuals, wey before na only N100,000. For companies, di weekly limit now na N5 million.
Di apex bank release dis info for circular wey dem call “Revised Cash-Related Policies”, wey Dr. Rita Sike, Director, Financial Policy & Regulation Department, sign. CBN talk say di changes na part of effort to reduce cost wey dey come with handling cash, make money dey more secure, and to stop money laundering wey fit happen because Nigerians dey depend plenty on cash.
CBN talk say, di old cash rules dem put before na to reduce cash use and push pipo make dem dey use electronic payment. But as time don change, e don necessary to update di rules make e match current situation.
Wetin go change from Jan 1, 2026
No more limit for cash deposits, so fee wey dem dey charge if person deposit pass limit no go dey again.
Weekly cash withdrawal don increase to N500,000 for individuals and N5 million for companies across all channels, including ATM, POS, and bank counters. Anybody wey withdraw pass dis limit go pay excess charge — 3% for individuals, 5% for companies. Di money go share 40% go CBN, 60% go di bank.
Special monthly authorization wey allow person withdraw N5 million once for month, or company withdraw N10 million, don end.
For ATMs, daily withdrawal still N100,000, but weekly ATM withdrawal dey part of di N500,000 total weekly limit. Banks go still load all currency denominations for ATM.
Over-the-counter withdrawal of third-party cheque still N100,000 limit and e go count for di weekly limit.
Banks dey required to submit monthly returns go Banking Supervision Department, Other Financial Institutions Supervision Department, and Payments System Supervision Department.
CBN talk say revenue-generating accounts of federal, state, and local government, as well as accounts of microfinance banks and primary mortgage banks, no go dey affected by di new withdrawal limit and excess-fee rules. But old exemption for embassies, diplomatic missions, and aid-donor agencies don end.
CBN conclude say di new policy go balance wetin e mean to dey encourage electronic payments with better access to cash for both individuals and business people across Nigeria.
