CBN Revises Cash Withdrawal Rules Effective January 2026

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, effective January 2026.

The newly revised rules end a previous special authorisation permitting individuals to withdraw ₦5 million and corporates ₦10 million once monthly.

The apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

In a circular released on Tuesday, December 2, 2025, and signed by the Director of the Financial Policy & Regulation Department, Dr. Rita I. Sike, the policy is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance 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.

Effective January 1, 2026, individuals will be allowed to withdraw up to ₦500,000 weekly across all channels, while corporate entities will be limited to ₦5 million.

Withdrawals above these thresholds will attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) will be capped at ₦100,000 per customer, with a maximum of ₦500,000 per week. These transactions will count toward the cumulative weekly withdrawal limit.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at ₦100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

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Revenue-generating accounts of federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks, are exempt from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.