The Central Bank of Nigeria (CBN) has abolished all limits on cash deposits and announced a major upward review of cash withdrawal limits, signaling a broad reversal of the cash-tightening policies introduced under the previous administration.
In a circular dated Tuesday, December 2, 2025, and signed by the Director of Financial Policy and Regulation, Dr. Rita I. Sike, the apex bank said the revised rules are aimed at restoring liquidity, easing financial transactions, reducing the cost of cash management, and curbing security and money-laundering risks linked to the economy’s heavy dependence on physical cash.
The new policy also discontinues the special monthly authorization that previously allowed individuals to withdraw ₦5 million and corporate bodies ₦10 million once a month.
According to the CBN, earlier cash-related directives had been introduced “in response to evolving circumstances in cash management” and to encourage a wider shift toward electronic payments. However, the Bank noted that “with the effluxion of time, the need has arisen to streamline these provisions to reflect present-day realities.”
New Withdrawal Limits Take Effect January 1, 2026
Under the revised framework, individuals may withdraw up to ₦500,000 weekly across all channels, while corporate entities may withdraw up to ₦5 million per week.
Withdrawals exceeding these limits will attract additional fees:
- 3% for individuals
- 5% for corporate bodies
The excess-withdrawal charges will be shared between the CBN and the financial institutions.
Daily withdrawals via ATMs will now be capped at ₦100,000, with a total weekly ATM limit of ₦500,000. All ATM withdrawals will count toward the cumulative weekly limit. The Bank also confirmed that ATMs may now dispense all currency denominations.
The over-the-counter encashment limit for third-party cheques remains ₦100,000, and such transactions will also form part of the weekly limit.
Reporting Obligations and Exemptions
Deposit Money Banks must submit monthly reports on withdrawals and deposits above the stated thresholds, and are required to maintain separate accounts for warehousing processing charges collected on excess withdrawals.
Revenue accounts of the federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks, are exempt from the new limits.
However, exemptions earlier granted to embassies, diplomatic missions, and international donor agencies have been withdrawn.
The CBN noted that the circular supersedes several previous directives, though it leaves others in force as detailed in its appendices.
