The Central Bank of Nigeria has updated its cash withdrawal regulations, ending the special authorisation that allowed individuals to withdraw N5 million and corporates N10 million once per month, starting January 2026.
In a circular issued Tuesday, December 2, 2025, and signed by the Director of the Financial Policy & Regulation Department, Dr. Rita I. Sike, the apex bank noted that earlier cash policies were introduced over time to address changing circumstances.
However, over time, it has become necessary to streamline these provisions to align with current realities.
The updated cash policies aim to lower cash management costs, enhance security, and mitigate money laundering risks linked to the economy’s heavy dependence on physical currency.
“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 stated.
Starting January 1, 2026, individuals can withdraw up to N500,000 per week across all channels, while corporate entities will have a limit of N5 million.
Any withdrawals exceeding these limits will incur excess withdrawal fees of 3% for individuals and 5% for corporates, with the charges shared between the CBN and the respective financial institutions.
Daily ATM withdrawals will be limited to N100,000 per customer, with a maximum of N500,000 per week. These withdrawals will count toward the overall weekly limit.
The previous special authorisation allowing individuals to withdraw N5 million and corporates N10 million once a month has been discontinued.
The CBN also stated that all currency denominations can now be loaded into ATMs, while the over-the-counter encashment limit for third-party cheques remains N100,000. These withdrawals will also count toward the weekly withdrawal limit.
Deposit Money Banks are required to submit monthly reports on cash withdrawals exceeding the set limits, as well as on cash deposits, to the relevant supervisory departments.
Banks are also required to maintain separate accounts to hold processing fees collected from excess withdrawals.
Exempt from the new withdrawal limits and excess withdrawal fees are revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.
However, exemptions previously extended to embassies, diplomatic missions, and aid-donor agencies have been revoked.
The CBN clarified that the circular does not override certain earlier directives but supersedes others, as specified in its appendices.
In October, the CBN issued a directive mandating all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale agents.
The circular added that POS agents may handle no more than N1.2 million daily, while individual customers are capped at N100,000.
The CBN said the limits aim to prevent misuse, strengthen financial integrity, and safeguard consumers within the agent-banking system.
