The Central Bank of Nigeria (CBN) has removed the cumulative cash deposit limit and increased the weekly cash withdrawal threshold across all channels to N500,000, up from N100,000.

The apex bank announced the policy changes in a circular titled “Revised Cash-Related Policies” sent to all deposit money banks, signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.

According to the CBN, the revisions aim to reduce the rising cost of cash management, address security concerns, and curb money-laundering risks associated with Nigeria’s heavy reliance on cash. While previous policies encouraged electronic payments, the current measures reflect evolving economic realities.

Key Changes Effective 1 January 2026:

• The cumulative cash deposit limit has been abolished, and fees on excess deposits have been scrapped.
• The cumulative weekly withdrawal limit is now N500,000 for individuals and N5 million for corporate bodies; withdrawals beyond these limits will attract excess-withdrawal charges.
• The previous special monthly authorisation allowing individuals to withdraw N5 million and corporates N10 million once a month has been cancelled.
• ATM withdrawals remain capped at N100,000 daily per customer, with a weekly maximum of N500,000, counting toward the overall weekly cap across all channels, including POS transactions.
• Charges on withdrawals exceeding limits are set at 3% for individuals and 5% for corporate bodies, shared between the CBN and banks in a 40:60 ratio.
• Banks are required to load all denominations into ATMs. The limit for over-the-counter encashment of third-party cheques remains at N100,000, contributing to the cumulative weekly limit.

Banks must submit monthly returns to the Banking Supervision Department, Other Financial Institutions Supervision Department, and Payments System Supervision Department.

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 However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.

The CBN said the changes are part of broader efforts to streamline cash operations while promoting efficiency, transparency, and security in Nigeria’s financial system.