New CBN rules cap weekly withdrawals at ₦500,000 for individuals

The Central Bank of Nigeria has announced fresh cash withdrawal limits that will take effect from January 2026, ending the special approval that previously allowed individuals to withdraw ₦5 million and corporate bodies ₦10 million once every month. The apex bank said the change became necessary to streamline longstanding cash policies and bring them in line with present-day realities.

In a circular issued on Tuesday, December 2, 2025, and signed by the Director of Financial Policy and Regulation, Dr Rita I. Sike, the bank said the revised rules are aimed at cutting the cost of cash management, improving security and reducing money laundering risks arising from the country’s heavy dependence on physical cash. The CBN noted that while several policies had been introduced over the years to reduce cash usage and encourage electronic payment channels, it has now become essential to harmonise those measures.

Under the new rules, individuals will be restricted to withdrawing a total of ₦500,000 per week across all channels, while corporate entities may withdraw up to ₦5 million. Withdrawals above these limits will attract excess charges of three per cent for individuals and five per cent for corporates, with the fees shared between the CBN and financial institutions. Daily ATM withdrawals will be capped at ₦100,000 per customer, with a maximum of ₦500,000 weekly, and will count towards the total weekly limit.

The apex bank also confirmed that all denominations may now be loaded into ATMs, while the over-the-counter encashment limit for third-party cheques remains ₦100,000, which will also be included in the weekly tally. Deposit Money Banks have been directed to submit monthly reports on withdrawals exceeding the approved limits and on cash deposits, and to maintain separate accounts for processing charges collected from excess cash withdrawals.

Revenue accounts of federal, state and local governments, along with accounts operated by microfinance and primary mortgage banks, are exempt from the new limits and penalty fees. However, previous exemptions granted to embassies, diplomatic missions and donor agencies have been withdrawn. The CBN added that the circular supersedes several earlier directives, though it will operate alongside others specified in its appendice