The Central Bank of Nigeria has introduced a new set of cash withdrawal regulations that will take effect on January 1, 2026, marking the end of the special approval window that previously allowed individuals to withdraw N5 million and corporate organisations N10 million once every month.
Issued in a circular dated December 2, 2025 and signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the updated directive.
The apex bank clarified that past cash policies aimed to address changing economic demands, yet the present changes show the need of modernising cash use and bolstering financial integrity.
For individuals, the new guidelines specify a weekly withdrawal ceiling of N500,000; for businesses, the ceiling across all channels is N5 million.
For individuals, withdrawals over these restrictions will incur an additional three percent; for companies, five percent, the money of which will be split between banks and the CBN.
The regulator clarified that all ATM transactions will form part of the weekly limit, and daily ATM withdrawals will not exceed N100,000 per consumer.
The News Chronicle learned that the decision to streamline these cash policies is aimed at reducing the high cost of cash management, improving security, and addressing money laundering concerns that arise from heavy cash-based transactions in the economy.
The circular confirms that ATMs may now dispense all currency denominations, while the limit on over-the-counter withdrawals using third-party cheques remains at N100,000.
Deposit Money Banks are mandated to file monthly reports on withdrawals and deposits exceeding the new limits and must open dedicated accounts for processing fees collected.
Government revenue accounts, microfinance banks, and mortgage banks are exempt from the new rules, although previous waivers for embassies, diplomatic missions, and international aid organisations have been withdrawn.
These changes follow the CBN’s earlier directive requiring financial institutions to file detailed monthly reports on Point-of-Sale agents’ operations and enforce transaction limits for both agents and individual users as part of broader efforts to enhance accountability in the payment ecosystem.
