The Central Bank of Nigeria (CBN) has announced a significant relaxation of its cash withdrawal and deposit regulations, effective January 1, 2026, in a move aimed at improving liquidity and easing the burden on businesses and individuals amid prevailing economic challenges.
In a circular signed by Dr. Rita I. Sike, Director of the Financial Policy and Regulation Department, the apex bank raised the weekly cash withdrawal limit for individuals from ₦100,000 to ₦500,000 across all channels, including ATMs, Point-of-Sale (POS) terminals, and over-the-counter transactions. Corporate entities will now enjoy a higher weekly limit of ₦5 million, up from the previous ₦500,000.
At the same time, all restrictions and processing fees on cash deposits have been completely removed, allowing unrestricted deposits without penalties.
Key Changes Effective January 1, 2026
Weekly cash withdrawal (Individuals)
₦100,000 (all channels)
₦500,000 (all channels)
Weekly cash withdrawal (Corporates)
₦500,000 (all channels)
₦5 million (all channels)
Daily ATM withdrawal
₦20,000 – ₦40,000 (bank-dependent)
Up to ₦100,000 (counts toward weekly limit)
Cash deposits
Caps applied; fees on excess
No limits, no fees
Third-party cheque withdrawals
₦100,000
Remains ₦100,000 (counts toward weekly limit)
Charges on excess withdrawals
Strict enforcement
3% (individuals), 5% (corporates); revenue shared 40% CBN, 60% banks
Special authorisations for large withdrawals
₦5m (individuals)/₦10m (corporates) monthly
Completely discontinued
ATM currency loading
Restricted denominations
All denominations permitted
The CBN stated that the revisions are intended to address current economic realities, including high inflation and liquidity constraints, while maintaining the broader goal of reducing cash dominance in the economy. The policy builds on the 2022-naira redesign and cash-limit framework, which was originally introduced to curb cash hoarding and money laundering.
Banks are now required to submit monthly reports to the CBN on all withdrawals above the new limits and on cash deposit patterns.
