CBN Scraps Cash Deposit Limit, Raises Weekly Withdrawal Limit to N500,000
The Central Bank of Nigeria (CBN) has removed the limit on cash deposits and increased the weekly cash withdrawal limit for individuals to N500,000, up from N100,000.
Corporate account holders can now withdraw up to N5 million weekly. The policy update was announced on Monday 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 revisions aim to reduce the rising cost of cash management, address security concerns, and curb money laundering risks associated with the country’s heavy dependence on cash.
The apex bank noted that while earlier measures sought to promote electronic payments, changing realities made policy adjustments necessary.
Effective January 1, 2026, the cumulative deposit limit has been scrapped, and charges on excess deposits will no longer apply.
Withdrawals beyond the new weekly limits will, however, attract excess charges. The special authorisation that previously allowed monthly withdrawals of N5 million for individuals and N10 million for corporates has also been abolished.
Daily ATM withdrawal limits remain at N100,000, and this forms part of the new N500,000 weekly cap, which also applies to POS transactions.
Excess withdrawals will attract charges of 3% for individuals and 5% for corporates, shared 40/60 between the CBN and the operating bank.
Banks must continue to load all denominations in ATMs, maintain the N100,000 over-the-counter limit for third-party cheques, and file monthly compliance reports.
Revenue accounts of all tiers of government, microfinance banks, and primary mortgage banks are exempt, while previous exemptions for embassies, diplomatic missions, and aid agencies have been removed.