BREAKING: CBN Raises Weekly Cash Withdrawal Limit to N500,000, Removes Deposit Caps

By Emmanuel Kwada 

The The Central Bank of Nigeria (CBN) has announced a major overhaul of its cash-handling policies, effective January 1, 2026.

In a circular released today, the apex bank has increased the weekly cash withdrawal limit for individuals from N100,000 to N500,000 across all channels, while corporate entities will now be allowed up to N5 million.

Additionally, the CBN has abolished the previous caps on cash deposits, eliminating associated charges for exceeding former limits.

The decision, outlined in a statement signed by Dr. Rita I. Sake, Director of the Financial Policy and Regulation Department, aims to address the rising costs of managing physical cash, enhance security, and curb money laundering vulnerabilities in Nigeria’s cash-driven economy.

The policy also seeks to align with current economic conditions, reversing earlier restrictions that encouraged electronic transactions.

Key highlights of the new policy include:

• Removal of cumulative deposit limits, allowing unrestricted cash deposits.
• A weekly withdrawal ceiling of N500,000 for individuals and N5 million for corporate bodies.
• Retention of a N100,000 limit for over-the-counter withdrawals using third-party cheques, counting toward the weekly cap.
• Mandatory stocking of ATMs with all currency denominations by deposit money banks.
• Exemption for embassies, diplomatic missions, and certain financial institutions from specific cash policies.

The policy will take effect on January 1, 2026, with banks required to submit monthly compliance reports to CBN supervisory departments.