CBN scraps deposit caps, tightens weekly cash withdrawal limits from 2026

The Central Bank of Nigeria (CBN) has announced a revision of its cash-related policies, effective January 1, 2026. The move completely removes the cumulative cap on cash deposits while imposing strict weekly limits on cash withdrawals across all banks nationwide.
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The policy overhaul, which was detailed in a circular signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, aims to reduce the cost of cash management, enhance security around cash movement, and combat money laundering risks in the country.
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The new rules, which supersede previous policies, introduce major changes to both deposits and withdrawals for bank customers.
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The cumulative cash deposit limit has been fully scrapped. Banks will no longer charge customers fees for depositing amounts that previously exceeded set thresholds.
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The CBN, with this change aims to encourage more money to enter the formal banking system and expand overall liquidity.
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The CBN has set new, stringent cumulative weekly withdrawal limits across all transaction channels (ATMs, POS terminals, and over-the-counter). ‎Daily ATM withdrawals remain capped at ₦100,000 per customer, with the overall weekly limit remaining at ₦500,000.
‎The limit for over-the-counter encashment of third-party cheques remains ₦100,000, which also counts towards the cumulative weekly withdrawal limit.
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‎The CBN emphasized that previous policies were a response to the evolving economic conditions of the country but needed to be streamlined to reflect present-day realities.
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‎The primary goals of the revised framework is aimed towards reducing the high operational costs associated with managing physical cash, strengthening security measures related to cash movement and to mitigate money laundering and illicit financial flow risks.
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