CBN Lifts Cash Deposit Limit, Increases Weekly Withdrawal Cap To N500,000
The Central Bank of Nigeria (CBN) has removed the cap on cash deposits and increased the weekly cash withdrawal limit across all channels to N500,000 for individuals, up from N100,000. The circular announcing the changes, titled “Revised Cash-Related Policies,” was signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.
According to the CBN, the policy revisions aim to reduce the rising cost of cash management, enhance security, and curb money laundering risks associated with Nigeria’s heavy reliance on cash. The bank noted that previous measures were designed to reduce cash usage and promote electronic payments, but updates were necessary to reflect current realities.
Key changes, effective January 1, 2026, include the removal of the cumulative deposit limit, with fees on excess deposits abolished. The cumulative weekly withdrawal limit has been raised to N500,000 for individuals and N5 million for corporates. Withdrawals exceeding these limits will attract excess withdrawal fees. The prior special monthly authorisation allowing individuals to withdraw N5 million and corporates N10 million has been discontinued.
For ATM withdrawals, daily limits remain at N100,000 per customer, with a maximum of N500,000 weekly, which counts toward the overall weekly withdrawal cap. Excess withdrawals will incur charges of 3 percent for individuals and 5 percent for corporates, split 40 percent to the CBN and 60 percent to the operating bank.
Banks have also been directed to ensure ATMs are loaded with all currency denominations. The existing N100,000 limit on over-the-counter encashment of third-party cheques remains, and such withdrawals will count toward the weekly cumulative limit. Banks are required to submit monthly reports to relevant supervisory departments.
Exemptions apply to revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance and primary mortgage banks. However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been removed.
