The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million.
It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026.
This ends the previous special authorisation permitting individuals to withdraw ₦5 million and corporates ₦10 million once a month.
The directive is contained in a circular dated Tuesday, December 2 and signed by the Director of the Financial Policy & Regulation Department, Rita Sike.
“The cumulative weekly withdrawal limit across all channels shall be ₦500,000 for individuals and ₦5 million for corporates.
“Cumulative weekly withdrawal above these limits shall attract excess withdrawal fees,” CBN stated.
READ ALSO: $5bn Africa Energy Bank Ready, Await Takeoff – FG
Pinnacle Daily reports that previous cash policies had been introduced over the years in response to evolving circumstances.
The apex bank stated that with the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities.
“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” CBN stated.
READ ALSO: CBN Orders Banks to Withdraw Non-compliant Advertisements
It said the policy is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.
It said withdrawals above the thresholds will attract excess withdrawal fees of three per cent for individuals and five per cent for corporates, with the charges shared between the CBN and the financial institutions.
It explained that daily withdrawals from Automated Teller Machines (ATMs) will be capped at ₦100,000 per customer, with a maximum of ₦500,000 per week.
READ ALSO: 16 Banks Have Met CBN’s Recapitalisation – Cardoso
It said the transactions will count toward the cumulative weekly withdrawal limit.
The apex bank also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at ₦100,000.
Such withdrawals will also form part of the weekly withdrawal limit, it stated.
According to CBN, deposit money banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts for warehouse processing charges collected on excess withdrawals.
The CBN revised order exempts revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks, from the new withdrawal limits and excess withdrawal fees.
It, however, withdraws exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies.
The CBN added that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
