The Central Bank of Nigeria has announced a new round of adjustments to the nation’s cash withdrawal rules, raising weekly limits across all channels to N500,000 for individuals and N5 million for corporate account holders. The change was released in a circular on Tuesday and marks a clear departure from the much tighter cash restrictions introduced under the previous administration.
Under the revised policy, ATM users may withdraw up to N100,000 per day, while total cash withdrawals across all platforms may not exceed the new weekly ceiling. This update replaces the earlier controls issued in December 2022 by former governor Godwin Emefiele, when over-the-counter withdrawals were capped at N100,000 for individuals and N500,000 for corporates.
The bank also removed the cumulative deposit limit and ended the fee previously charged on excess deposits. It explained that the shift is intended to ease the rising cost of cash management, improve security and reduce the risks tied to heavy cash dependence, including money laundering. The regulator noted that earlier policies were introduced in response to various economic pressures, such as the need to promote electronic payments and reduce physical cash handling.
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The CBN said that over time, the cash environment has evolved and now requires a more streamlined set of rules that reflect current realities. It added that the new framework will take effect from January 1, 2026, with all deposit-taking financial institutions expected to comply.
The circular confirmed that the special monthly authorisation that once permitted withdrawals of N5 million for individuals and N10 million for corporates will no longer be allowed. It also stated that excess cash withdrawals will attract charges of three percent for individuals and five percent for corporates, with the fees shared between the central bank and the financial institution involved.
The regulator emphasised that ATM and point-of-sale withdrawals count toward the weekly total and must be managed within the approved limits.
