The Central Bank of Nigeria (CBN) has issued new guidelines on cash transactions that will take effect from 1 January 2026.
The existing cumulative limits on cash deposits will be completely removed, allowing unrestricted deposit amounts. In their place, the apex bank is introducing weekly cash withdrawal ceilings of ₦500,000 for individual account holders and ₦5 million for corporate accounts across all banking channels combined.
For individuals, the ₦500,000 weekly limit covers over-the-counter withdrawals, ATM cash-outs, and point-of-sale transactions together, with a separate daily ATM ceiling of ₦100,000 still in force. The previous arrangement that permitted individuals to apply for special authorisation to withdraw up to ₦5 million monthly has been abolished.
Any amount withdrawn above the new weekly thresholds will incur a processing fee of 3% for personal accounts and 5% for business accounts, with the revenue split 40% to the CBN and 60% to the processing bank.
Certain accounts, including those holding government revenue as well as microfinance banks and primary mortgage banks, are fully exempted from the restrictions and associated charges. Privileges previously extended to embassies, diplomatic missions, and multilateral donor agencies have now been withdrawn.
Commercial banks are directed to file monthly reports on all excess withdrawals and to keep dedicated records for the charges collected. The CBN stated that the measures are designed to lower the cost and security risks of physical cash handling while strengthening safeguards against money laundering in the country.
