CBN removes cash deposit limits, raises weekly withdrawal cap

The Central Bank of Nigeria (CBN) has removed the limit on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000 from N100,000, the apex bank announced on Monday. 

The changes were detailed in a circular titled “Revised Cash-Related Policies,” signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.

According to the CBN, the updates aim to reduce the rising cost of cash management, address security concerns, and curb money laundering risks linked to Nigeria’s heavy reliance on cash.

The bank noted that previous policies sought to limit cash usage and promote electronic payment channels, but evolving realities made revisions necessary.

Effective January 1, 2026, the cumulative deposit limit has been removed, and the fees on excess deposits will no longer apply. 

The weekly withdrawal limit is now N500,000 for individuals and N5 million for corporate accounts, while withdrawals beyond these amounts will attract excess charges. 

The previous special monthly authorisation allowing withdrawals of N5 million for individuals and N10 million for corporates has also been abolished.

For ATMs, daily withdrawals remain capped at N100,000 per customer, forming part of the weekly N500,000 limit, which also covers POS transactions. 

Excess withdrawals will incur charges of 3 per cent for individuals and 5 per cent for corporates, shared 40/60 between the CBN and the operating bank.

Banks are required to load all currency denominations in ATMs, maintain the N100,000 limit for over-the-counter encashment of third-party cheques, and submit monthly returns to supervisory departments. 

Revenue accounts of federal, state, and local governments, microfinance banks, and primary mortgage banks are exempted, while exemptions for embassies, diplomatic missions, and aid agencies have been removed.