The Central Bank of Nigeria (CBN) has unveiled a fresh set of cash withdrawal regulations that will take effect from January 1, 2026, marking a major shift from the previous policy that permitted individuals and corporate entities to withdraw ₦5 million and ₦10 million respectively once every month with special approval.
In a circular signed by Rita Sike, the Director of the Financial Policy and Regulation Department, the apex bank explained that Nigeria’s evolving financial landscape necessitated a more streamlined and realistic cash management framework. According to the CBN, earlier policies were introduced in response to different economic conditions, but current realities now demand clearer, more sustainable measures aimed at reducing cash handling pressures, improving security, and minimizing risks associated with heavy cash-based transactions.
Under the new rules, individuals will be allowed to withdraw a maximum of ₦500,000 weekly across all channels, while corporate organizations will be permitted to withdraw up to ₦5 million within the same period. Withdrawals exceeding these limits will attract processing fees of three percent for individuals and five percent for companies. The charges, the CBN added, will be shared between the apex bank and commercial banks.
Automated Teller Machine (ATM) withdrawals have also been adjusted, with a new cap of ₦100,000 per day and a weekly total of ₦500,000. These ATM withdrawals will now count toward the overall weekly limits. Additionally, the CBN announced that ATMs can now dispense all denominations of the naira.
The circular further states that third-party cheques above ₦100,000 will no longer be eligible for over-the-counter payment. Any cheque payments within the allowable limit will also form part of the weekly withdrawal total.
Commercial banks have been directed to submit monthly reports on all withdrawals and deposits that exceed the stated limits. They are also required to maintain dedicated accounts for charges collected from excess cash withdrawals.
The new limits will not apply to revenue accounts belonging to federal, state, and local governments. Microfinance banks and primary mortgage banks are similarly exempted. However, earlier waivers granted to embassies, diplomatic missions, and international aid organizations have now been revoked.
The CBN clarified that the new directive replaces certain provisions of previous guidelines outlined in its appendices while retaining others that remain consistent with current policy objectives.
