The Central Bank of Nigeria has issued a fresh revision to its cash withdrawal policy, announcing that the special authorisation which previously allowed individuals to withdraw ₦5 million and corporates ₦10 million once a month will end on January 1, 2026.
The update, released in a circular dated December 2 and signed by Dr. Rita I. Sike, Director of the Financial Policy and Regulation Department, forms part of broader efforts to reduce cash-handling costs, strengthen security and limit money-laundering risks linked to high cash usage across the economy.
Read also: S&P upgrades Nigeria’s outlook to positive as reform measures advance
According to the apex bank, the review reflects the need to streamline the various cash-related directives introduced over the years. “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.
Read also: Investors rally around NCR Nigeria as stock gains 220% in nine months
Revised withdrawal limits
Under the new framework, individuals will be able to withdraw ₦500,000 weekly, while corporate organisations will have a ₦5 million weekly limit across all channels. Any amount above these thresholds will attract an excess withdrawal fee of 3% for individuals and 5% for corporates, with the charges shared between banks and the CBN.
Daily ATM withdrawals have been set at ₦100,000, subject to a weekly cap of ₦500,000, and will form part of the cumulative weekly limit. The CBN also confirmed that all currency denominations can now be loaded into ATMs. Over-the-counter third-party cheque encashment remains capped at ₦100,000, and such withdrawals will count toward the weekly limit.
Read also: Nigeria warns $2.8tn African GDP goal threatened without inclusive trade policies
Reporting and compliance requirements
Deposit Money Banks are expected to file monthly reports on cash withdrawals and deposits above the approved limits to the designated regulatory departments. They are also required to keep separate accounts for processing charges collected from excess cash withdrawals.
Read also: Aradel records N22bn shares traded in largest single-day NGX deal
Exemptions and withdrawn privileges
The revised policy exempts revenue-generating accounts of federal, state and local governments, as well as accounts operated by microfinance banks and primary mortgage banks with commercial and non-interest banks.
However, previous exemptions granted to embassies, diplomatic missions and donor agencies have been withdrawn. The new circular supersedes several past directives while leaving a few provisions intact, as detailed in the CBN’s appendices.
This update follows an October directive requiring financial institutions to submit monthly reports on Point-of-Sale agent activities. The circular, signed by Musa Jimoh, Director of the Payments System Policy Department, mandates detailed reporting on the value, volume and nature of transactions handled by agents.
The CBN also restated that POS agents are limited to ₦1.2 million daily, while individuals may conduct transactions of up to ₦100,000 per day, a move aimed at tightening oversight and improving consumer protection within the agent banking ecosystem.
