The Central Bank of Nigeria (CBN), under the leadership of Yemi Cardoso, has introduced new cash-handling rules, removing the limit on cash deposits and increasing the weekly withdrawal cap to N500,000 for individuals.
Newsonspot reports that this is a major jump from the previous N100,000 limit.
The policy changes were shared 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 new policy aims to reduce the rising cost of managing physical cash, address security concerns, and limit money-laundering risks linked to Nigeria’s heavy use of physical cash. The bank added that although the earlier rules were meant to push Nigerians toward electronic payments, current economic realities made a review necessary.
Effective January 1, 2026, the CBN introduced the following key changes:
The cap on cumulative cash deposits has been removed.
Extra charges for deposits above previous limits have been cancelled.
Individuals can now withdraw up to N500,000 weekly, while corporate organisations can withdraw up to N5 million.
Amounts above these limits will attract excess-withdrawal fees in line with the new guidelines.
The CBN also scrapped the previous special monthly approval that allowed individuals to withdraw N5 million and corporate bodies N10 million once a month.
For ATM withdrawals, customers can still withdraw only N100,000 daily and N500,000 weekly, and these figures count toward the overall weekly withdrawal total across ATMs, POS, or other channels.
Withdrawals above the approved limits will attract charges of 3% for individuals and 5% for organisations, shared 40% to the CBN and 60% to the servicing bank.
Banks have also been directed to ensure their ATMs are loaded with all currency denominations. The limit on third-party cheques remains N100,000, which will also be counted as part of a customer’s weekly limit.
In addition, banks must send monthly compliance reports to relevant CBN departments, including Banking Supervision, Other Financial Institutions Supervision, and Payments System Supervision.
The circular also clarified the exemptions:
Government revenue-collecting accounts at federal, state, and local levels are not affected.
Accounts of microfinance banks and primary mortgage banks domiciled with commercial or non-interest banks also remain exempt.
However, embassies, diplomatic offices, and donor agencies will no longer enjoy their previous privileges.
