CBN Abolishes Cash Deposit Cap, Revises Withdrawal Rules Ahead of 2026

The Central Bank of Nigeria (CBN) has removed all limits on cash deposits and introduced changes to its cash-withdrawal guidelines in a new circular to banks nationwide. With the directive, customers can now deposit unlimited amounts of cash without attracting any charges, as all fees previously applied to excess deposits have been scrapped.

Under the revised framework, which will take effect from January 1, 2026, individuals will be permitted to withdraw up to ₦500,000 per week across all channels, while corporate entities will have a weekly withdrawal limit of ₦5 million. Withdrawals beyond these limits will attract extra charges of 3 percent for individuals and 5 percent for corporate customers.

The apex bank also discontinued the special monthly approval system that formerly allowed individuals to withdraw ₦5 million and corporate bodies ₦10 million in one transaction. ATM cash withdrawals will still be capped at ₦100,000 per day, and such withdrawals will be counted as part of the overall weekly limits.

The CBN stated that some accounts will remain exempt from the new withdrawal and penalty charges, including revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance and primary mortgage banks maintained with commercial or non-interest banks. However, entities such as embassies, diplomatic missions, and donor agencies, which were previously exempt, will now be subject to the updated rules.

According to the bank, the policy review is aimed at easing cash-handling pressures in the banking system, strengthening financial security, reducing money-laundering risks linked to heavy cash usage, and encouraging the transition to digital payment platforms nationwide.