December 3, 2025
The Central Bank of Nigeria, CBN, has reviewed it policy on cash withdrawal limits and scrapped the cumulative deposit cap for bank customers.
In a December 2nd, 2025, circular signed by the Director, Financial Policy & Regulation Department, Dr. Rita Sike, the CBN said the policy overhaul was necessary to reduce the rising cost of cash management, strengthen security around cash movement, and curb money laundering risks in an economy still heavily reliant on physical currency.
According to the apex bank, earlier cash policies were introduced to manage changing economic conditions, noting that the time had come to adjust those rules to meet current needs and realities.
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The CBN said the cumulative cash deposit limit has been fully removed, and banks will no longer charge customers fees for deposits exceeding previously set thresholds. The move is expected to encourage more deposits and expand liquidity within the financial system.
Under the revised framework, individuals are limited to a cumulative weekly withdrawal of ₦500,000 across all channels, including ATMs, POS terminals, and over-the-counter transactions. At the same time, corporate account holders may withdraw up to ₦5 million per week.
Withdrawals above these limits will attract excess withdrawal fees of 3% for individuals and 5% for corporates, with the charges to be shared between the CBN and the financial institution at a ratio of 40% and 60% respectively
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The apex bank also discontinued the special monthly cash withdrawal waivers of ₦5 million for individuals and ₦10 million for corporates, stating that such exemptions will no longer apply.
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.”
