CBN raises withdrawal limits for individuals, corporate orgs

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels for individuals and corporate organisations.

The CBN announced this in a circular on Tuesday, December 2, 2025.

The apex bank stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates.

It noted that withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.

The CBN said the revisions were part of ongoing efforts to moderate the rising cost of cash management, address security concerns, and curb money laundering risks associated with the country’s heavy reliance on cash.

The apex bank noted that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

It said from January 1, 2026, the cumulative deposit limit has been removed, and the fee previously charged on excess deposits will no longer apply.

In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.

For Automated Teller Machine (ATM), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly, which forms part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

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The CBN also revealed that excess withdrawals above the stipulated limits will attract charges of 3 per cent for individuals and 5 per cent for corporate customers, shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

Banks have also been directed to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Such withdrawals, according to the apex bank, will also be counted as part of the cumulative weekly limit.

Additionally, banks are required to render monthly returns to the relevant supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

The CBN stated that revenue-generating accounts of federal, state, and local governments, as well as the accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks, are exempted from the new withdrawal and excess-fee rules.

However, the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies has been removed.

The Star