The Central Bank of Nigeria (CBN) has announced revised cash withdrawal rules that will take effect from January 1, 2026, significantly reducing the amount individuals and corporate organisations can withdraw weekly across all channels.
In a circular issued on Tuesday and signed by the Director of Financial Policy and Regulation, Dr Rita I. Sike, the apex bank ended the special authorisation that previously allowed individuals to withdraw N5 million and corporates ₦10 million once every month.
The CBN said the changes were necessary to streamline earlier cash policies and reflect current economic realities, noting that the revised framework aims to reduce the cost of managing cash, strengthen security, and curb money laundering risks.
Daily ATM withdrawals have also been capped at N100,000 per customer, with a maximum of N500,000 weekly, which counts toward the overall weekly limit. The bank further disclosed that ATMs may now dispense all denominations.
The limit for third-party cheque encashment at the counter remains N100,000, and such transactions will form part of the customer’s weekly withdrawal total.
Deposit Money Banks are required to submit monthly reports on all withdrawals above the approved thresholds and maintain separate accounts for processing fees collected on excess withdrawals.
While government revenue accounts at federal, state, and local levels, as well as accounts of microfinance banks and primary mortgage banks, are exempt, the CBN said exemptions previously given to embassies, diplomatic missions, and donor agencies have been withdrawn.
The circular also clarified that the new policy supersedes some earlier directives, while others remain valid as outlined in the accompanying appendices.