The Central Bank of Nigeria (CBN) has rolled out significant changes to cash handling rules, introducing updated withdrawal limits nationwide and removing the previous cap on cumulative cash deposits.
In a circular signed on December 2, 2025, by Dr. Rita I. Sike, Director of Financial Policy & Regulation, the CBN explained that these adjustments aim to cut the high costs of managing cash, enhance security over cash flow, and fight money laundering in an economy still reliant on physical currency.
The bank highlighted that earlier restrictions were designed for past economic circumstances but now need alignment with today’s reality. With the deposit cap lifted, banks will no longer impose fees on larger cash deposits, encouraging increased deposits and improved liquidity across the financial system.
New Withdrawal Limits Introduced
Under the revised framework, individuals are limited to a cumulative weekly withdrawal of ₦500,000 across all channels, including ATMs, POS terminals, and over-the-counter transactions. At the same time, corporate account holders may withdraw up to ₦5 million per week.
Withdrawals above these limits will attract excess withdrawal fees of 3% for individuals and 5% for corporates, with the charges to be shared between the CBN (40%) and the financial institution (60%).
The apex bank also discontinued the special monthly cash withdrawal waivers of ₦5 million for individuals and ₦10 million for corporates, stating that such exemptions will no longer apply.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN said.
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