The Central Bank of Nigeria (CBN) today removed the limit on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.

The apex bank disclosed this in a circular to all banks titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department.

According to the CBN, the revisions form part of ongoing efforts to moderate the rising cost of cash management, address security concerns, and curb money laundering risks associated with the country’s heavy reliance on cash.

It noted that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage 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.

Effective January 1, 2026, the circular announced several key changes. The cumulative deposit limit has been removed, and the fee previously charged on excess deposits will no longer apply.

The CBN also stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates. Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.

In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.

For Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly, which forms part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

The circular further disclosed that excess withdrawals above the stipulated limits will attract charges of 3 per cent for individuals and 5 per cent for corporate customers, shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.