By Peter Onyekachukwu 
By Peter Onyekachukwu
The Central Bank of Nigeria (CBN) has officially removed cumulative cash deposit limits for individuals and corporate accounts, while increasing weekly cash withdrawal limits to ease access to cash.
The policy change, outlined in a circular titled “Revised Cash-Related Policies,” was signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department at the apex bank.
From January 1, 2026, individuals will be allowed to withdraw up to N500,000 per week across all channels, up from the previous N100,000 limit. Corporate accounts can now access up to N5 million weekly.
The CBN said the revisions are designed to address the rising costs of cash management, reduce security risks, and curb money laundering linked to the country’s heavy reliance on cash transactions.
“Previous cash-related policies encouraged electronic payments and limited cash usage. But evolving economic and operational realities required a review,” the central bank noted.
The circular also states that the cumulative cash deposit limit has been abolished and the fee previously applied to excess deposits will no longer be enforced, offering relief to both individuals and businesses.
Withdrawals exceeding the weekly limits will incur charges of three percent for individuals and five percent for corporates, with proceeds split 40:60 between the CBN and the banks.
Additionally, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been removed.
Daily ATM withdrawals remain capped at N100,000 per customer, but weekly ATM withdrawals now form part of the total N500,000 weekly limit. Point-of-sale (POS) transactions are also counted toward this cap.
Banks have been instructed to ensure all currency denominations are loaded into ATMs to improve cash access. Over-the-counter encashments of third-party cheques remain capped at N100,000 and count toward the weekly limit.
To enforce compliance, banks are required to submit monthly reports to the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.