CBN Revises Cash Withdrawal Rules
Effective January 2026, the Central Bank of Nigeria (CBN) is revising cash withdrawal limits to reduce cash management costs, enhance security, and combat money laundering. Individuals will be limited to ₦500,000 weekly, and corporate entities to ₦5 million, across all channels. Excess withdrawals will incur fees of 3% and 5%, respectively. ATM withdrawals are capped at ₦100,000 daily, contributing to the weekly limit. Banks must report high-value withdrawals and deposits. While federal, state, and local government revenue accounts, microfinance, and primary mortgage banks are exempt, previous exemptions for embassies and diplomatic missions have been revoked. The policy aims to promote electronic payments and reflects current economic realities.
