The Central Bank of Nigeria has announced new cash-withdrawal limits, ending the previous special authorization that allowed individuals to withdraw up to ₦5 million and corporate bodies ₦10 million once a month.
In a circular released Tuesday, December 2, and signed by the Director of Financial Policy and Regulation, Dr. Rita I. Sike, the CBN said the revised policy aims to reduce the cost of managing physical cash, improve security, and curb money-laundering risks in an economy still heavily dependent on cash.
Effective January 1, 2026, individuals may withdraw a maximum of ₦500,000 weekly across all channels, while companies will be limited to ₦5 million. Withdrawals above these limits will attract excess charges of 3% for individuals and 5% for corporates, shared between the CBN and financial institutions.
ATM withdrawals will now be capped at ₦100,000 per day and ₦500,000 weekly, counting toward the overall weekly limit. The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the ₦100,000 third-party cheque encashment cap remains unchanged.
Banks must submit monthly reports on withdrawals above the limits and create separate accounts to hold processing charges collected on excess withdrawals.
Revenue-generating accounts of federal, state, and local governments are exempt from the new limits, as are microfinance and primary mortgage banks. However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.
The CBN said the updated rules streamline older cash policies introduced over the years, noting that the changes reflect “present-day realities.”
