The Central Bank of Nigeria has announced fresh cash withdrawal rules that will take effect on January 1, 2026, ending the special approval that once allowed individuals to withdraw N5 million and companies N10 million monthly.
The new directive was issued in a circular dated December 2, 2025, and signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department.
According to the apex bank, earlier cash policies were introduced to manage changing economic conditions. It noted that the time had come to adjust those rules to meet current realities.
The CBN said, “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.”
Under the new rules, individuals will be able to withdraw a maximum of N500,000 weekly across all channels, while corporate bodies will be limited to N5 million within the same period. Any amount above these limits will attract extra withdrawal fees of three percent for individuals and five percent for companies. These charges will be shared between banks and the CBN.
Daily cash withdrawals from ATMs will be capped at N100,000 per customer, with a weekly limit of N500,000. ATM withdrawals will count toward the overall weekly withdrawal totals.
The circular also states that all denominations can now be loaded into ATMs. The limit for third-party cheque payments over the counter remains N100,000, and such withdrawals will be included in the weekly limits.
Banks are expected to submit monthly reports on all withdrawals above the set limits and maintain a dedicated account for storing withdrawal processing charges.
The CBN also explained that government revenue accounts at the federal, state, and local levels will be exempted from the new limits. Accounts belonging to microfinance banks and primary mortgage banks are also exempt. However, exemptions earlier granted to embassies, diplomatic missions, and donor agencies have been withdrawn.
The bank added that while the circular does not override every previous directive, it replaces several older provisions listed in its attached appendices.
The revised rule comes weeks after the CBN instructed financial institutions to file monthly reports on the activities of Point-of-Sale agents. That October directive, signed by Musa Jimoh, set a daily limit of N1.2 million for POS agents and N100,000 for individual customers, a move aimed at strengthening financial integrity and preventing misuse within the agent banking system.
