BREAKING: CBN announces new withdrawal limits

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New withdrawal restrictions are announced by CBN

New guidelines for cash withdrawals have been announced by the Central Bank of Nigeria and will go into effect in January 2026.

The action eliminates the special authorization that previously let people to withdraw ₦5 million and businesses to withdraw ₦10 million once a month.

The bank stated in the circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, that previous cash policies were implemented at various points in time to accommodate evolving circumstances.

However, the bank stated that the current financial situation necessitates a more precise set of regulations that meet the demands of the modern world, ease the burden of handling cash, enhance security, and reduce the hazards associated with excessive cash use.

Individuals will be able to withdraw up to ₦500,000 per week through all channels starting on January 1, 2026, while businesses will be able to withdraw up to ₦5 million.

An additional fee of three percent for individuals and five percent for businesses will be imposed on anyone who exceeds these limitations.

The CBN and commercial banks would split the fees.

Withdrawals from ATMs will now be limited to ₦100,000 per day and ₦500,000 per week.

The total weekly cap will be applied to these ATM transactions.

Additionally, the bank stated that all naira denominations can now be stored in ATMs.

Withdrawals under ₦100,000 will be included in the weekly total, while third-party checks over that amount will not be paid over the counter.

Commercial banks are required to maintain separate accounts for fees earned from excess withdrawals and to submit monthly reports on withdrawals and deposits that exceed the specified limitations.

Federal, state, and municipal government revenue accounts are exempt from the rule.

The restrictions and fees do not apply to primary mortgage banks or microfinance banks.

However, authorization previously granted to assistance organizations, diplomatic posts, and embassies has been revoked.

The CBN further stated that while some earlier guidelines remain unaltered, the new circular supersedes portions of the older instructions found in its appendices.

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