The Central Bank of Nigeria (CBN) today announces significant updates to its cash management policies. These changes remove all limits on cash deposits and introduce higher withdrawal thresholds. The revisions aim to reduce operational costs, improve security, and promote efficient cash circulation in the economy.
The CBN eliminates cumulative cash deposit limits for both individuals and corporate entities. Banks no longer charge fees on deposits exceeding previous thresholds. This shift allows customers to deposit any amount without restrictions or penalties.
Consequently, Nigerians gain greater freedom in managing their cash flows.
In addition, the CBN raises weekly cash withdrawal limits across all channels. Individuals can now withdraw up to ₦500,000 per week. Corporates access up to ₦5 million weekly. These limits apply to ATMs, over the counter transactions, and point-of-sale systems.
Furthermore, daily ATM withdrawals increase to ₦100,000 per customer. This replaces the former ₦20,000 daily cap. However, withdrawals exceeding the new limits incur charges. Individuals pay 3 percent on excess amounts, while corporates pay 5 percent.
The CBN also ends requirements for special approvals on high-value transactions. Banks must load ATMs with all naira denominations to ensure accessibility. Moreover, financial institutions submit monthly cash activity reports to CBN supervisors for oversight.
These policy changes take effect on January 1, 2026. They reverse earlier cash-tightening measures introduced in 2022. Those rules aimed to boost digital payments but faced public criticism for inconveniences.
Yemi Cardoso, Governor of the Central Bank of Nigeria, states, "This revision responds to evolving economic needs and stakeholder feedback. We balance cash usage with security and efficiency to support Nigeria's growth."
The updates lower cash handling costs for banks and reduce physical cash movement risks. They also strengthen measures against money laundering while encouraging electronic transactions.