CBN Raises Cash Withdrawal Limit to N500,000, Removes Deposit Cap

The Central Bank of Nigeria (CBN) has lifted all limits on cash deposits and increased the weekly cash withdrawal limit to N500,000 for individuals and N5 million for corporate accounts, effective January 1, 2026. The announcement was made in a circular titled “Revised Cash-Related Policies,” signed by Dr. Rita Sike.

The move is aimed at reducing the rising costs of cash management, curbing money laundering risks, and encouraging electronic payment adoption. Previously, high-value deposits attracted fees, and weekly withdrawals were capped at N100,000 for individuals.

Daily ATM withdrawals remain at N100,000 per customer, with a weekly maximum of N500,000. Withdrawals above the limits will attract charges of 3% for individuals and 5% for corporate customers. The circular also abolished the special monthly authorization for larger withdrawals.

Certain accounts, including government revenue accounts, microfinance, and primary mortgage banks, are exempt from the new rules. Embassies, diplomatic missions, and aid-donor agencies are no longer exempt, signaling stricter cash control nationwide.