By The Central Bank of Nigeria (CBN) has unveiled a fresh set of cash withdrawal regulations that will come into force on January 1, 2026, marking a significant tightening of access to physical cash for individuals and businesses across the country.
The directive, communicated through a circular signed by the Director of Financial Policy and Regulation, Dr. Rita I. Sike, discontinues the special waivers that previously permitted individuals to withdraw up to ₦5 million and corporates up to ₦10 million once every month.
Under the revised framework, individuals may withdraw a maximum of ₦500,000 weekly, while corporate organisations are limited to ₦5 million within the same period. Any withdrawal exceeding these limits will attract excess charges 3% for individuals and 5% for companies with proceeds shared between the CBN and commercial banks.
According to the apex bank, the new policy is designed to consolidate previous cash management strategies, reduce the overhead cost of handling cash, enhance security within the financial system, and strengthen efforts to combat money laundering and related financial crimes.
The circular also introduced additional measures:
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ATM withdrawals are now capped at ₦100,000 per day and ₦500,000 per week, with such transactions counting toward the overall weekly limit for each customer.
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ATMs are authorised to dispense all naira denominations.
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The existing ₦100,000 limit on third-party cheque encashment remains unchanged and will be included in the weekly withdrawal total.
Deposit Money Banks must henceforth file monthly reports on all withdrawals that exceed the approved thresholds and maintain dedicated accounts for the fees collected from such transactions.
While the new rules exempt government revenue accounts at all tiers of government, as well as accounts operated by microfinance and primary mortgage banks, the CBN noted that previous waivers granted to embassies, diplomatic missions, and donor agencies have now been revoked.
The apex bank added that the circular replaces certain earlier directives, while others will continue to apply as detailed in an accompanying set of appendices.
