The Central Bank of Nigeria has announced a complete review of cash-related policies, including new nationwide withdrawal restrictions and the removal of the cumulative deposit cap for bank customers.
In a circular signed by Dr. Rita I. Sike, Director, Financial Policy & Regulation Department, on December 2nd, 2025, the apex bank stated that the policy overhaul was required to reduce the rising cost of cash management, strengthen cash movement security, and reduce money laundering risks in an economy that remains heavily reliant on physical currency.
According to the apex bank, past cash rules were implemented to deal with shifting economic conditions. It stated that the time has come to update those rules to reflect modern reality.
The CBN said the cumulative cash deposit limit has been fully removed, and banks will no longer charge customers fees for deposits exceeding previously set thresholds. The move is expected to encourage more deposits and expand liquidity within 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.
