The Central Bank of Nigeria (CBN) has announced a major overhaul of its cash management policies, introducing new nationwide withdrawal limits while scrapping the cumulative deposit cap for bank customers.
In a circular dated December 2, 2025, and signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, the apex bank said the revision was aimed at reducing the rising cost of cash management, enhancing security around cash movements, and curbing money laundering in an economy still heavily dependent on physical currency.
The CBN explained that previous cash policies were introduced to address changing economic conditions, but it is now necessary to adjust the rules to align with current realities.
Under the new framework, the cumulative cash deposit limit has been fully removed, and banks will no longer charge customers fees for deposits that exceed prior thresholds. The move is expected to encourage more deposits and boost liquidity within the financial system.
For withdrawals, individual account holders are limited to ₦500,000 per week across all channels, including ATMs, POS terminals, and over-the-counter transactions, while corporate accounts can withdraw up to ₦5 million weekly. Withdrawals exceeding these limits will attract excess withdrawal fees of 3% for individuals and 5% for corporates, with 40% of the charges going to the CBN and 60% to the financial institution.
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The apex bank also announced the discontinuation of special monthly cash withdrawal waivers, previously set at ₦5 million for individuals and ₦10 million for corporates.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN said.
This update marks a significant shift in the nation’s approach to cash handling, aiming to modernize financial operations and encourage wider use of electronic payment methods.