The Central Bank of Nigeria (CBN) has implemented significant changes to its cash management policies, introducing new withdrawal limits while eliminating the cumulative deposit cap for all bank customers. This decision, effective from December 2, 2025, aims to enhance cash security, reduce management costs, and mitigate money laundering risks in an economy still reliant on cash transactions.
Under the revised policy:
- Individual Withdrawals: Individuals can now withdraw up to ₦500,000 weekly.
- Corporate Withdrawals: Corporate account holders may withdraw up to ₦5 million weekly across all channels, including ATMs, POS terminals, and over-the-counter transactions.
- Excess Withdrawal Fees: Any withdrawals exceeding these limits will incur fees—3% for individuals and 5% for companies—shared between the CBN and financial institutions.
The CBN has also revoked any special monthly cash withdrawal waivers previously granted. These changes are part of the CBN’s broader strategy to encourage electronic payment options and streamline cash management practices.
The bank emphasized that these adjustments reflect the need for updated policies in response to evolving economic conditions. The removal of the deposit cap is anticipated to increase liquidity within the financial system, allowing for more robust cash handling by both individuals and businesses.
