CBN Cash Withdrawal Limits 2026: Fees, Weekly Caps and New Banking Rules for Nigerians

The Central Bank of Nigeria has announced a new cash withdrawal policy that will take effect from January 1, 2026, introducing revised limits and charges for individuals and corporate entities across the banking system. The policy, issued to all deposit money banks and financial institutions, is part of efforts to regulate cash usage, reduce operational costs, and strengthen Nigeria’s payment ecosystem.

Under the revised framework, the CBN has completely removed cash deposit limits. Individuals and businesses can now deposit any amount of cash into their bank accounts without restrictions or penalty charges. This change eliminates the fees previously applied to cash deposits above approved thresholds.

New Weekly Cash Withdrawal Limits

From January 1, 2026, cumulative weekly cash withdrawal limits will apply across all banking channels, including over-the-counter transactions, ATMs, POS terminals and other cash access points.

Individuals are allowed to withdraw up to ₦500,000 per week, while corporate entities are permitted to withdraw up to ₦5,000,000 per week.

All withdrawals made through different channels within the same week will be added together. Once a customer exceeds the approved weekly limit, an excess withdrawal charge will apply.

Individuals will be charged 3 percent on the amount withdrawn above the limit, while corporate customers will pay 5 percent on excess withdrawals. The revenue generated from these charges will be shared between the Central Bank of Nigeria and commercial banks.

ATM Withdrawal Rules

ATM withdrawals remain capped at ₦100,000 per day, with a maximum of ₦500,000 per week. These ATM withdrawals are included in the overall weekly cash withdrawal limit.

Banks are now permitted to load all denominations of naira notes into ATMs, improving access to higher-value notes where available and reducing frequent withdrawal attempts.

Removal of Special Cash Withdrawal Approvals

The CBN has abolished special cash withdrawal approvals that previously allowed individuals to withdraw up to ₦5 million and corporate organisations up to ₦10 million per month without penalty. These special permissions will no longer be available from 2026.

Cheque Encashment Rules

The limit on third-party cheque encashment over the counter remains ₦100,000. Any cash received through cheque encashment will also count toward the customer’s weekly withdrawal limit.

Compliance and Reporting Requirements

Banks are required to submit monthly reports on cash withdrawals that exceed the approved limits. These reports will be reviewed by relevant regulatory departments to ensure compliance and improve transparency within the financial system.

Accounts Exempted From the Policy

Certain account categories are exempted from the new cash withdrawal limits and charges. These include revenue accounts of federal, state and local governments, as well as accounts of microfinance banks and primary mortgage banks maintained with commercial or non-interest banks.

However, exemptions previously granted to embassies, diplomatic missions and donor agencies have been withdrawn under the new policy.

Why the CBN Introduced the New Policy

The Central Bank of Nigeria stated that the revised cash withdrawal policy is aimed at reducing the high cost of cash management, improving security, and limiting risks associated with large cash movements. The policy also supports the wider adoption of electronic payment systems, digital banking services and traceable financial transactions.

While cash remains legal tender, the CBN expects the new framework to encourage more efficient payment behaviour and strengthen Nigeria’s financial system ahead of future economic reforms.