The Central Bank of Nigeria (CBN) has announced sweeping changes to cash-handling regulations under a new circular titled “Revised Cash-Related Policies.”

Key Changes (Effective January 1, 2026):

1. Deposit Limits Removed

The previous cap on cash deposits has been abolished.

No more extra charges for exceeding deposit limits.

2. Increased Withdrawal Limits

Individuals can now withdraw up to ₦500,000 weekly (previously ₦100,000).

Corporate bodies can withdraw up to ₦5 million weekly.

Withdrawals above these limits attract:

3% fee for individuals

5% fee for organisations
(Fees are split: 40% to CBN, 60% to the servicing bank.)

3. ATM & POS Rules

ATM daily limit remains ₦100,000, contributing to the overall weekly ₦500,000 cap.

Weekly ATM/POS/OTC withdrawals all count toward the same threshold.

4. Other Notable Updates

The special monthly approval for larger withdrawals (₦5m for individuals, ₦10m for corporates) has been cancelled.

Third-party cheques still capped at ₦100,000.

Banks must stock ATMs with all denominations.

Monthly compliance reports are now mandatory for banks.

Government revenue accounts and microfinance/mortgage-bank accounts remain exempt.

Policy Goal

CBN says the move aims to:

cut the rising cost of managing physical cash,

reduce security risks,

curb money laundering,

and adjust to current economic realities.