The Central Bank of Nigeria (CBN) has unveiled major changes to the nation’s cash management policy, announcing that from January 1, 2026, customers will be able to deposit any amount of cash into banks without restrictions or penalties. This signals the end of previous limits and associated charges on large cash deposits.
The revised policy also sets new withdrawal thresholds, allowing individuals to withdraw up to ₦500,000 weekly and businesses up to ₦5 million. Withdrawals above these limits will attract processing fees of 3 percent for individuals and 5 percent for businesses, with the charges shared between the CBN and commercial banks at a ratio of 40 to 60 percent.
Under the guidelines, ATM withdrawals remain capped at ₦100,000 daily and ₦500,000 weekly, and all naira denominations can now be dispensed through ATMs. The existing ₦100,000 limit on third-party cheque cashing stays in place and will count toward weekly withdrawal totals.
The new rules replace the stringent 2022 cash policy that required approvals and documentation for large withdrawals. Starting in 2026, no special waivers will be permitted above the set limits.
According to the CBN, the overhaul is aimed at cutting cash management costs, enhancing security, and reducing money-laundering risks linked to heavy cash transactions. Banks will be required to submit monthly reports on withdrawals that exceed the limits as well as on large cash deposits, and to account for fees collected from excess withdrawals.
Government revenue accounts and primary mortgage banks will remain exempt from the limits and charges, while embassies and international aid agencies will no longer enjoy exemption.
The apex bank also introduced new fraud-handling measures, mandating scam victims to report incidents within 72 hours. Financial institutions must investigate and issue refunds within 16 working days.
The CBN described the policy shift as a significant step in redefining Nigeria’s cash usage and regulatory framework.
