The Central Bank of Nigeria (CBN) has removed the cash deposit limit and increased weekly withdrawals for individuals from N100,000 to N500,000, effective January 1, 2026.
In a circular signed by Dr. Rita Sike, Director of Financial Policy and Regulation, the CBN said the review aims to cut cash management costs, improve security, and reduce money laundering risks.
Under the new rules, the cumulative deposit limit and charges on excess deposits have been scrapped. Withdrawal limits are now N500,000 weekly for individuals and N5 million for corporates. Withdrawals above these limits will attract charges of 3% for individuals and 5% for corporates.
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ATM withdrawals remain capped at N100,000 daily and N500,000 weekly. The special monthly withdrawal waiver has been abolished.
Banks must load all currency denominations in ATMs, while third-party cheque encashment stays limited to N100,000 and counts toward the weekly limit. Monthly compliance reports must also be submitted to supervisory departments.
Government revenue accounts and accounts of microfinance and mortgage banks remain exempt. Exemptions for embassies, diplomatic missions, and donor agencies have been removed.
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