CBN Introduces New Cash Withdrawal Limits Effective January 2026

CBN Introduces New Cash Withdrawal Limits Effective January 2026

The Central Bank of Nigeria (CBN) has introduced new cash withdrawal regulations that will take effect in January 2026. The revised policy ends the previous special approval that allowed individuals to withdraw ₦5 million and companies ₦10 million once a month.

According to the apex bank, earlier cash policies were implemented to address changing economic conditions. However, evolving realities now require a more streamlined and modernised framework.

In a circular dated December 2, 2025, and signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN said the updated rules aim to reduce the cost of cash management, strengthen security, and limit money-laundering risks linked to Nigeria’s heavy use of physical currency.

The bank noted that past directives were created to encourage reduced cash usage and promote electronic payment channels. With current developments, the provisions have been revised to suit contemporary needs.

New limits effective January 1, 2026

Individuals may withdraw up to ₦500,000 weekly across all banking channels, while corporate entities will be allowed ₦5 million weekly. Any cash withdrawal above these limits will attract excess fees—3% for individuals and 5% for corporates—which will be shared between the CBN and the banks.

ATM withdrawals will be capped at ₦100,000 per day and ₦500,000 weekly, with these amounts contributing to the overall weekly limit. The CBN also announced that banks may now load all currency denominations in ATMs.

The over-the-counter withdrawal limit for third-party cheques remains ₦100,000, and such transactions will count toward the weekly cap.

Reporting and compliance requirements

Deposit Money Banks must file monthly reports on withdrawals exceeding the limits, as well as on cash deposits, to the appropriate supervisory departments. They must also operate separate accounts to hold processing charges generated from excess withdrawals.

Exemptions and withdrawn waivers

Accounts belonging to federal, state, and local government revenue agencies, along with microfinance and primary mortgage banks, are exempt from the new limits and fees. However, previous exemptions granted to embassies, diplomatic missions, and donor agencies have been revoked.

The CBN emphasized that the circular supersedes some earlier directives while remaining consistent with others listed in its appendices. The new framework marks a major shift in cash management strategy as the country adapts to CBN new cash withdrawal limits and pushes for broader adoption of digital payments.

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