Abuja, Dec. 3, 2025 — The Central Bank of Nigeria has announced sweeping changes to its cash withdrawal and deposit policies, effective January 1, 2026.
Under the new guidelines:
Individuals can now withdraw up to ₦500,000 weekly, up from ₦100,000.
Corporate organisations are permitted withdrawals of up to ₦5 million weekly.
Withdrawals above these limits will attract 3% charges for individuals and 5% charges for businesses.
The deposit cap has been removed, meaning customers can now deposit any amount of cash without restrictions or penalties.
The special monthly authorisation for higher withdrawals has been discontinued.
ATM withdrawals remain capped at ₦100,000 daily.
The CBN explained that the reforms are designed to reduce the cost of cash management, enhance financial transparency, and encourage greater use of electronic payment channels.
In a circular signed by Dr. Rita I. Sike, Director of Financial Policy and Regulation, the apex bank stressed that the changes will help combat money laundering and improve liquidity in the banking system.
Analysts say the removal of deposit caps could encourage more Nigerians to channel funds into the formal banking sector, while the higher withdrawal limits provide flexibility for individuals and businesses. However, they caution that the charges on excess withdrawals may still discourage heavy reliance on cash.
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