The Central Bank of Nigeria (CBN) has announced a sweeping reform of the nation’s cash-management system, abolishing all limits and fees on cash deposits while introducing new withdrawal thresholds to take effect from January 1, 2026.
In a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the apex bank said the 
changes were designed to modernise the financial system, reduce security risks, and curb the laundering of illicit cash.
Unlimited Deposits Return; Withdrawal Rules Redefined
Under the new rules, bank customers can deposit any amount of cash without incurring charges—effectively cancelling the deposit restrictions introduced in 2022.
For withdrawals, individuals will now be permitted to withdraw up to ₦500,000 weekly, while corporate bodies may withdraw ₦5 million within the same period. Any withdrawal above these limits will attract fees of 3% for individuals and 5% for corporates, shared between the CBN (40%) and the processing bank (60%).
ATM transactions also fall under the new structure, with a daily withdrawal ceiling of ₦100,000 and a weekly limit of ₦500,000. The regulator added that ATMs may now be loaded with all naira denominations, a departure from the previous restriction to lower notes.
Third-Party Cheques, Exemptions and New Obligations for Banks
The ₦100,000 over-the-counter limit for encashing third-party cheques has been retained but will now be counted as part of a customer’s weekly withdrawal total.
While government revenue accounts, microfinance banks, and primary mortgage banks remain exempt from the rules, the CBN has removed earlier waivers granted to embassies, diplomatic missions, and donor agencies—bringing them fully under the new cash-management framework.
Banks will now be required to file monthly reports on customers who exceed the withdrawal limits and must set up internal ledger accounts to track excess withdrawal fees before sharing them with the CBN.
Old 2022 Exceptions Scrapped Completely
The policy overhaul eliminates the controversial 2022 requirement for individuals and organisations to seek special approval to withdraw ₦5 million and ₦10 million once monthly.
With the new directive, no such high-value withdrawals will be permitted under any circumstance from 2026 onward.
CBN Cites Security, Efficiency, and Anti-Money Laundering as Drivers
“As part of efforts to moderate the rising cost of cash management, address security concerns, and reduce money-laundering risks tied to heavy cash usage, the CBN introduced several policies,” the circular stated. “With time, it has become necessary to streamline these rules to reflect present-day realities.”
Linked Reforms Target Electronic Fraud
The cash reforms are accompanied by proposed guidelines to tackle authorised push payment (APP) fraud. Under the draft rules, victims must report fraud within 72 hours, while banks and fintechs will be required to investigate and issue refunds within 16 working days when the customer is not at fault.
A New Phase for Nigeria’s Cash Economy
This overhaul marks one of the most significant shifts in Nigeria’s cash policy in years, signalling the regulator’s move toward balancing financial inclusion, transaction efficiency, and national security concerns.
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