CBN removes cumulative deposit cap and sets weekly withdrawal limits of ₦500,000 for individuals, ₦5m for corporates to boost liquidity

The Central Bank of Nigeria (CBN) has revised cash policies, scrapping cumulative deposit limits and introducing new weekly withdrawal caps.

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In a circular signed on December 2, 2025, by Dr. Rita I. Sike, Director of Financial Policy & Regulation, the apex bank said the overhaul aims to reduce cash management costs, improve security, and curb money laundering risks in an economy still reliant on physical currency.

The CBN said previous policies were meant to manage changing economic conditions but adjustments are now necessary to reflect current realities.

Under the new framework:

Individuals: ₦500,000 cumulative weekly withdrawal across ATMs, POS, and over-the-counter transactions.
Corporate accounts: ₦5 million weekly withdrawal limit.

Withdrawals exceeding these limits will attract excess fees of 3% for individuals and 5% for corporates, shared between the CBN (40%) and banks (60%).

The apex bank also discontinued the special monthly withdrawal waivers of ₦5 million for individuals and ₦10 million for corporates, noting that these exemptions will no longer apply.

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The CBN stated, “These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage electronic payments. With the effluxion of time, the need has arisen to streamline the provisions to reflect present-day realities.”