JUST IN: CBN Lifts Cash Deposit Cap, Increases Weekly Withdrawal Limit

The Central Bank of Nigeria has introduced sweeping adjustments to its cash-handling rules, eliminating deposit limits and significantly raising withdrawal thresholds as part of a broader reform of currency management.

In a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike of the Financial Policy & Regulation Department, the regulator announced that the new framework will take effect on January 1, 2026.

Under the updated policy, the cumulative limit on cash deposits has been fully removed, and the surcharge previously applied to deposits above set thresholds has been scrapped.

Weekly cash withdrawal limits have also been expanded: individuals can now withdraw up to N500,000 weekly across all channels, while corporate entities may access up to N5 million. Withdrawals exceeding these caps will attract excess charges outlined by the bank—3% for individuals and 5% for corporates, shared between the CBN and the operating bank.

The special monthly authorization that allowed large one-off withdrawals—N5 million for individuals and N10 million for corporates—has been discontinued.

ATM limits remain unchanged at N100,000 per day and N500,000 weekly, both of which count toward the overall withdrawal cap. Banks have been instructed to stock ATMs with all currency denominations, while the N100,000 limit on over-the-counter third-party cheque encashment remains in force.

Financial institutions are required to submit monthly compliance reports to the relevant supervisory departments.

The CBN noted that certain accounts—specifically those belonging to federal, state, and local government revenue operations, as well as accounts of microfinance and primary mortgage banks—are exempt from the revised withdrawal and fee structure. However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.

According to the apex bank, the adjustments aim to curb the rising cost of managing cash, strengthen security and anti-money-laundering measures, and align existing policies with current economic realities.