The Central Bank of Nigeria (CBN) has scrapped all cash-deposit limits for bank customers while keeping strict weekly withdrawal ceilings, under updated cash-management policies set to take effect from January 1, 2026.
The announcement came via a circular issued on Tuesday and signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department. The CBN explained that the revised framework reflects “present-day realities” after several years of adjustments to cash-related rules.
A major change in the circular is the removal of the cumulative deposit limit. The apex bank stated, “The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply,” eliminating previous charges for deposits above a set threshold.
The CBN first introduced transaction fees on cash deposits and withdrawals in 2019, initially targeting customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers, and the Federal Capital Territory. The fees were aimed at reducing cash circulation and improving government revenue collection, with plans to expand the policy nationwide by March 2020.
In December 2023, the CBN suspended processing charges on large cash deposits. With the latest circular, such charges have been fully abolished.
While deposit limits have been lifted, weekly withdrawal ceilings remain in place. Individual customers can withdraw up to N500,000 per week across all channels, while corporate accounts are capped at N5 million. Withdrawals exceeding these limits will incur fees of 3% for individuals and 5% for corporates, with the revenue shared 40:60 between the CBN and financial institutions.
Special approvals for monthly withdrawals—previously set at N5 million for individuals and N10 million for corporates—have been removed. ATM withdrawals remain limited to N100,000 daily and N500,000 weekly, with all ATM and PoS transactions counting toward the cumulative weekly ceiling. Under the new rules, all denominations may now be loaded into ATMs.
The N100,000 limit on over-the-counter encashment of third-party cheques remains unchanged, and such withdrawals will also count toward the weekly ceiling. Banks are required to submit monthly reports on withdrawals above the limit and deposits, and maintain internal accounts to track fees collected from excess withdrawals.
Exemptions remain for revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance and primary mortgage banks. However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been removed.
The circular supersedes 24 previous directives issued by the CBN.
