The Central Bank of Nigeria has reviewed its cash withdrawal policy, raising limits across all channels to N500,000 weekly for individuals and N5m for corporates.
The revision, announced in a circular on Tuesday, also increased ATM withdrawals to N100,000 per day, with a cumulative weekly cap of N500,000.
The policy shift marks a departure from the stringent cash restrictions introduced under former CBN Governor Godwin Emefiele.
In 2022, the apex bank had limited over-the-counter withdrawals to N100,000 weekly for individuals and N500,000 for corporate bodies.
In the new circular, the CBN also scrapped the cumulative deposit limit, noting that the fee previously charged on excess deposits “shall no longer apply.”
The bank said the review aligns with efforts to reduce cash-handling costs, improve security, and curb money-laundering risks associated with heavy cash usage.
The apex bank explained that several cash-related policies issued over the years were designed to reduce dependence on physical cash and expand the use of electronic payment channels.
However, it said changing economic realities now necessitate a streamlining of those measures.
“Consequently, effective January 1, 2026, the following cash-related policies…shall apply nationwide,” the circular stated, listing the removal of the deposit limit, the N500,000 and N5m weekly withdrawal ceilings, and the discontinuation of special monthly withdrawal waivers.
The CBN added that ATM and POS withdrawals count toward the weekly limits, while withdrawals above the approved thresholds will attract charges of 3 per cent for individuals and 5 per cent for corporate customers.