The Central Bank of Nigeria (CBN) has announced major revisions to its cash-related policies to modernize banking operations, reduce cash management costs, and address security concerns.

Key Changes (Effective January 1, 2026):

1. Cash Deposits:
   • The cumulative cash deposit limit has been removed.
   • Fees previously charged on excess deposits are abolished.
2. Cash Withdrawals:
   • Weekly limit for individuals: raised from N100,000 → N500,000.
   • Weekly limit for corporates: N5 million.
   • Withdrawals above these limits attract excess charges: 3% for individuals, 5% for corporates.
   • Special monthly withdrawals of N5 million (individuals) and N10 million (corporates) are abolished.
3. ATM Withdrawals:
   • Daily cap remains at N100,000 per customer.
   • Weekly cap of N500,000, counting toward overall weekly limit.
   • All currency denominations must be loaded in ATMs.
4. Other Rules:
   • Over-the-counter encashment of third-party cheques remains N100,000 and counts toward weekly limit.
   • Banks must submit monthly reports to relevant CBN supervisory departments.
   • Certain accounts, including government revenue accounts and microfinance/primary mortgage banks, are exempted from new limits.
   • Exemptions for embassies and aid-donor agencies are removed.

Purpose:

• Reduce the high costs of cash handling.
• Promote adoption of electronic payment channels.
• Strengthen anti-money laundering measures.