The Central Bank of Nigeria, CBN has implemented several cash-related policies which it said are part of efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the economy’s heavy reliance on cash.
Top on the measures introduced by the apex bank, according to a circular addressed to commercial banks and other Financial Institutions, OFIs on Tuesday, and signed by Dr Rita I. Isike, Director, Financial Policy and Regulation Department, is the removal of cumulative deposit limit for individuals and corporate bodies.
The CBN said in the circular that Effective January 1, 2026, individual and companies can deposit as much as they want, and will no longer be charged for extra cash deposit to their banks, contrary to what obtained currently.
“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply,” the CBN said.
According to the Yemi Cardoso-led government bank, the cumulative weekly withdrawal limit across all channels shall now be N500,000 for individuals and N45 million for corporate bodies, withdrawal above this limits will attract three percent and five percent, respectively for individual and corporate concerns.
Recall that the cash limit policy was adopted by the apex to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
Those circumstance, the CBN said no longer apply, as the need “has arisen to streamline the provisions of these policies to reflect present-day realities.”
“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide, “ the CBN said.
These also include, the special authorisation for withdrawal of N5 million and N 10 million once monthly by individuals and corporate, respectively, which shall no longer apply, the CBN said.
The bank stressed that Automated Teller Machine, ATM, withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly, adding that cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.
Meanwhile, the CBN noted that the exemption granted to embassies, diplomatic missions and aid-donor agencies from specific cash policies has been removed.
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