The Central Bank of Nigeria (CBN) has announced new cash withdrawal limits that will take effect on January 1, 2026, formally ending the special authorisation that previously allowed individuals to withdraw up to N5 million and corporates N10 million once a month.
The revised guidelines were issued on December 2, 2025, in a circular signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department. The CBN said the changes are part of efforts to streamline earlier cash policies, reduce the cost of cash management, enhance security, and limit money-laundering risks associated with heavy cash usage.
What’s Changing?
New Withdrawal Limits
- Individuals: Up to N500,000 weekly across all channels.
- Corporate organisations: Up to N5 million weekly.
- Excess withdrawal charges:
- 3 per cent for individuals
- 5 per cent for corporates
(Fees to be shared between the CBN and financial institutions.)
ATM and Cheque Rules
- ATM withdrawals are capped at N100,000 daily and N500,000 weekly, which are counted as part of the weekly limit.
- All currency denominations may now be loaded in ATMs.
- Over-the-counter withdrawals for third-party cheques remain capped at N100,000, also part of the weekly limit.
Special Authorisation Discontinued
The one-off monthly withdrawals of N5 million (individuals) and N10 million (corporates) under special approval have been abolished.
Compliance Requirements
Deposit Money Banks must:
- Submit monthly reports of withdrawals above the limits and all cash deposits to relevant CBN departments.
- Maintain separate accounts to hold all processing charges from excess withdrawals.
Exemptions
Exempted from the limits and fees:
- Federal, state, and local government revenue-collecting accounts
- Accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks
However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.
The circular supersedes some earlier directives, while others remain valid as specified in its appendices.
Background
In October, the CBN mandated financial institutions to file detailed monthly reports on Point-of-Sale (POS) agent activities. That circular also:
- Restricted POS agents to N1.2 million in daily transactions
- Limited individual customers to N100,000 per day via POS
The regulator stated that these limits were introduced to curb misuse, protect consumers, and strengthen integrity across Nigeria’s agent banking ecosystem.
