Nigeria: CBN Removes Cash Deposit Limits, Sets New Withdrawal Rules Effective January 2026

The Central Bank of Nigeria has announced sweeping changes in its cash handling policies, removing all restrictions on cash deposits while retaining strict limits on withdrawals. From January 1, 2026, customers will no longer be charged or restricted from depositing large sums of money into their accounts. This effectively brings to an end a policy where previously, fees were charged on deposits above certain thresholds.

Under the reviewed limit, individuals can withdraw a maximum of ₦500,000 per week across all channels, although corporates are capped at ₦5 million. Withdrawing above these limits will attract charges of 3 percent for individual accounts and 5 percent for corporates, which will be shared between banks and the apex regulator. Daily ATM withdrawals are still restricted to ₦100,000, while the cumulative withdrawal per week is capped at ₦500,000. Point-of-Sale transactions shall also be included in this limit.

Special approvals that allowed individuals to withdraw ₦5 million monthly and corporates ₦10 million are also abolished under the new rules. Over-the-counter encashment of third-party cheques remains restricted to ₦100,000. Banks are required to report monthly on transactions above withdrawal limits and maintain separate accounts for charges collected.

Exemptions include government revenue accounts, microfinance banks, and mortgage institutions, but embassies and donor agencies will no longer enjoy special waivers. The policy supersedes 24 previous directives and reflects the regulator’s aim to balance financial inclusion with cashless economy goals.

This will make deposit transactions easier for businesses and individuals, while cash withdrawals should be controlled to prevent excessive cash circulation.