Nigeria’s Central Bank has eased its cash policy, raising withdrawal limits and eliminating charges on cash deposits in a major reversal of restrictions introduced three years ago.
The Central Bank of Nigeria (CBN) said individuals can now withdraw up to N500,000 (US$349.50) weekly, up from the previous N100,000 (US$69.10) cap, while corporates can withdraw N5 million (US3,455), according to a circular signed by Financial Policy and Regulation Department director Rita I. Sike and dated December 2, 2025. The new rules take effect on January 1, 2026.
The move unwinds key elements of a cash-tightening regime imposed in December 2022, when the CBN slashed withdrawal limits by more than 80 percent to curb the use of physical cash and push Nigerians toward electronic payments.
Under the revised framework, the cumulative deposit limit has been removed entirely, and banks will no longer charge fees for excess cash deposits. Withdrawals above the approved weekly limits will attract processing fees 3 percent for individuals and 5 percent for corporates to be shared between the CBN and commercial banks.
The central bank also scrapped the earlier concession that allowed individuals to withdraw N5 million (US$3,455) and companies N10 million (US$6,910) once a month with special approval.
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ATM withdrawals are now capped at N100,000 (US$69.10) per day, with a weekly ceiling of N500,000 (US$349.50). Withdrawals made via ATMs and point-of-sale terminals will count toward each customer’s weekly limit. Third-party cheque encashment over the counter remains limited to N100,000 (US$69.10) and such withdrawals will also fall under the weekly cap.
The CBN said all currency denominations may once again be loaded into ATMs, restoring flexibility for banks.
Financial institutions are required to file monthly reports on cash withdrawals above the prescribed limits and maintain internal ledgers for processing fees collected.
