CBN raises weekly cash withdrawal limits to N500,000 as new policy takes effect January 2026

By James Ike

The Central Bank of Nigeria (CBN) has announced sweeping changes to the nation’s cash policy, raising weekly cash withdrawal limits to N500,000 for individuals and N5 million for corporate organisations across all channels.

The new directive, contained in a circular issued on Tuesday, marks a significant shift from the stricter cash-control measures enforced under former governor Godwin Emefiele.

Under the revised guidelines, daily ATM withdrawals are now capped at N100,000, while total ATM withdrawals must not exceed N500,000 weekly. The apex bank also scrapped the cumulative cash deposit limit and abolished the fees previously charged on excess cash deposits.

According to the CBN, the latest adjustments are part of efforts to curb the rising cost of cash management, strengthen security around cash movement, and reduce money-laundering risks linked to heavy cash dependence in the economy.

“These policies, issued over the years in response to evolving circumstances in cash management, were designed to reduce cash usage and promote electronic payment channels,” the circular stated. “However, with the effluxion of time, the need has arisen to streamline these provisions to reflect present-day realities.”

Key Provisions of the New Policy (Effective January 1, 2026)

Cumulative weekly withdrawal limit: N500,000 for individuals; N5 million for corporates.

Withdrawals above these limits will attract excess withdrawal fees, 3% for individuals and 5% for corporate entities with proceeds shared between the CBN and the deposit-taking bank.

Special monthly withdrawal authorisations of N5 million (individuals) and N10 million (corporates) have been abolished.

ATM limits: N100,000 daily and N500,000 weekly; all denominations may now be loaded in ATMs.

Third-party cheque encashment over the counter remains capped at N100,000.

The apex bank also directed all banks to submit monthly reports on withdrawals above the approved limits and on cash deposits.

Processing charges collected on cash withdrawals above limits must be kept in separate accounts by Deposit Money Banks (DMBs).

Exemptions and Removals

The CBN said only two categories are exempt from the withdrawal limits and fees:

1. Revenue-generating accounts of federal, state and local governments.

2. Accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks.

Notably, embassies, diplomatic missions and aid-donor agencies will no longer enjoy exemptions under the revised rules.

Signed by Rita Sike, Director of the Financial Policy and Regulation Department, the circular reinforces the CBN’s push to balance financial inclusion, digital payments adoption, and operational efficiency within Nigeria’s cash-driven economy.