The Central Bank of Nigeria, as part of its efforts to address the high cost of cash management, security risks, and money laundering concerns, has streamlined its existing cash-related policies to reflect current realities and promote increased adoption of electronic payment channels. Consequently, effective January 1, 2026, the revised policies shall apply nationwide and are mandatory for all deposit-taking financial institutions in Nigeria.
- Limit on deposit and associated fee on excess deposit: The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.
- Cumulative weekly withdrawal limit: The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5 below.
- Exceptional Authorisation for Cash Withdrawal: The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.
- Automated Teller Machine Withdrawal Limit: Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer). subject to a maximum of N500,000 weekly. As indicated in 2′ above, cash withdrawals from AT Ms and point of sale devices are part of the weekly withdrawal limit indicated therein.
- Review of excess withdrawal fee: Excess cash withdrawals above the levels indicated in ‘2 above shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.
- Denominations to be loaded in ATMs: All currency denominations may be loaded in ATMs.
- Limit on Encashment of Third-Party Cheques: The limit on over-the-counter encashment of 3rd party cheques is retained at N100,000. Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in “2′ above
- Reporting: Banks shall render the following monthly returns (in a format to be advised to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:
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- Returns on cash withdrawal transactions above the specified limit
- Returns on Cash Deposits
9. Internal Ledger for Charges: Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.
10. Exemptions
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- The following accounts/entities are exempted from the application of sections 2 and 5 of the circular:
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- Revenue generating accounts of federal, state, and local governments; and
- Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.
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- The exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies shall no longer apply.