CBN Scraps Cash Deposit Limits, Boosts Weekly Withdrawal Cap to N1.5 Million

The Central Bank of Nigeria (CBN) has removed limits on cash deposits and increased weekly withdrawal limits for individuals and corporate accounts, in a major shake-up of the country’s cash-handling policies.

In a circular titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director of Financial Policy & Regulation, the CBN said that effective January 1, 2026, individuals can withdraw up to N1.5 million weekly, while corporates can access up to N5 million, with excess withdrawals attracting fees. The previous cap of N100,000 per week for individuals has been scrapped.

The circular also clarifies ATM withdrawals, which remain at N100,000 daily per customer, but are now part of the new weekly withdrawal limits. Any amount withdrawn above the set thresholds will attract 3% fees for individuals and 5% for corporate customers, split between banks and the CBN. All currency denominations can now be loaded into ATMs.

Additionally, the limit on third-party cheque encashments remains at N100,000, while exemptions for embassies, aid-donor agencies, and certain government accounts have been removed.

The CBN explained that these changes are part of ongoing efforts to moderate cash management costs, improve security, reduce money laundering risks, and encourage wider adoption of electronic payment channels. The central bank said that previous cash policies, introduced over the years, needed updating to reflect present-day realities.

This move is expected to ease cash transactions for Nigerians and businesses, while modernizing the country’s financial system.