The Central Bank of Nigeria (CBN) has announced updated cash withdrawal regulations that will come into effect from January 2026.
This update ends the previous special allowance that permitted individuals to withdraw ₦5 million and companies to withdraw ₦10 million in a month.
In a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the bank explained that past cash policies were designed to adapt to changing economic circumstances.
However, the current financial environment requires clearer rules to better meet today’s needs, ease cash management, boost security, and reduce risks linked to excessive cash usage.
Starting January 1, 2026, individuals will be allowed to withdraw up to ₦500,000 weekly across all channels, while companies can withdraw up to ₦5 million.
Withdrawals exceeding these limits will incur additional fees of 3% for individuals and 5% for companies, which will be shared between the CBN and commercial banks.
ATM withdrawals will be limited to ₦100,000 daily, totalling ₦500,000 weekly, with all ATM transactions counting toward the overall weekly withdrawal limit.
The bank also stated that ATMs will now dispense all naira denominations.
Additionally, third-party cheques above ₦100,000 will no longer be paid over the counter, and withdrawals below this threshold will count toward the weekly limit.
Commercial banks are required to submit monthly reports on withdrawals and deposits surpassing these limits and must maintain separate accounts for fees collected from excess withdrawals.
These rules do not apply to federal, state, and local government revenue accounts.
Microfinance and primary mortgage banks are exempt from these limits and charges.
Conversely, previous permissions granted to embassies, diplomatic missions, and aid organisations have been revoked.
The CBN noted that this new circular supersedes some older directives but retains certain previous rules.
