The Central Bank of Nigeria (CBN) has revised weekly cash withdrawal limits for individuals and corporate organisations, pegging the limit at N500,000 and N5 million respectively.
The revised policy comes to effect in January 2026 and puts an end to the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly.
The CBN said withdrawals above the allowed thresholds will attract excess withdrawal fees of three per cent for individuals and five per cent for corporates, with the charges shared between the CBN and the financial institutions.
It further noted that daily withdrawals from Automated Teller Machines (ATMs) will be capped at N100,000 per customer, subject to a maximum of N500,000 weekly and that these transactions will count toward the cumulative weekly withdrawal limit.
The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.
In a circular released on Tuesday, December 2, 2025, and signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities, it said.
The CBN explained that the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN stated.
Under the new guidelines, deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
The CBN explained that revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
It, however, said exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
