The Central Bank of Nigeria (CBN) has introduced a major revision of its cash-related policies, unveiling new nationwide withdrawal limits while scrapping the cumulative deposit cap previously imposed on bank customers. The policy update was disclosed in a circular signed by the Director, Financial Policy & Regulation Department, Dr. Rita I. Sike, on December 2nd, 2025.
According to the CBN, the overhaul became necessary to reduce the rising cost of cash management, enhance security around cash handling, and curb money laundering risks in an economy that remains heavily dependent on physical currency. The apex bank noted that earlier cash policies were implemented to respond to shifting economic conditions, but current realities now require further adjustments.
The bank confirmed that the cumulative cash deposit limit has been completely removed. As a result, financial institutions will no longer charge customers fees for deposits exceeding previously set thresholds—a move expected to encourage more deposits and boost liquidity within the financial system.
CBN Releases New Withdrawal Framework
Under the revised framework, individuals may withdraw up to ₦500,000 weekly across all channels, including ATMs, POS terminals, and over-the-counter transactions. Corporate account holders, however, are permitted withdrawals of up to ₦5 million per week.
Withdrawals that exceed these limits will attract excess withdrawal fees of 3% for individuals and 5% for corporate bodies. The charges will be shared between the CBN, which receives 40%, and the financial institution, which takes 60%.
Additionally, the CBN announced the discontinuation of the special monthly cash withdrawal waivers of ₦5 million for individuals and ₦10 million for corporates. These exemptions, previously granted under specific conditions, will no longer apply.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN said.
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