Abuja: The Central Bank of Nigeria (CBN) has scrapped cash deposit limits and raised the weekly withdrawal cap from ₦100,000 to ₦500,000.
The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department.
Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.
According to her, it will also curb money laundering risks associated with heavy reliance on cash.
She said that the previously issued cash-related policies, issued in response to evolving circumstances, were aimed at reducing cash use and promoting the adoption of electronic payment channels.
“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.
She said that, with effect from January 1, 2026, the cumulative deposit limit would be removed, and the fee previously charged on excess deposits would no longer apply.
The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.
“Withdrawals above these thresholds will attract excess withdrawal charges as specified.
“The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished,” she said.
She said that for Automated Teller Machines (ATMs), daily withdrawals remain capped at N100,000 per customer, with a maximum of N500,000 weekly.
She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.
Sike said that excess withdrawals above the stipulated limits would attract a 3% charge for individuals and a 5% charge for corporate customers.
According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.
She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.
Sike said that such withdrawals would be counted toward the cumulative weekly limit.
The director said that banks were also required to render monthly returns to the relevant supervisory departments.
She listed the departments as the Banking Supervision Department, the Other Financial Institutions Supervision Department, and the Payments System Supervision Department.
Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.
She said that accounts held with microfinance banks and primary mortgage banks, as well as with commercial and non-interest banks, are also exempt from the new rules.
She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.