More
    HomeBusinessCBN announces new withdrawal limit, removes deposit cap

    CBN announces new withdrawal limit, removes deposit cap

    Published on

    The Central Bank of Nigeria, CBN, has announced a comprehensive revision of cash-related policies, introducing new nationwide withdrawal limits and scrapping the cumulative deposit cap for bank customers.

    In the circular signed by the Director, Financial Policy & Regulation Department, Dr. Rita I. Sike, on December 2nd, 2025, the apex bank 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. It noted that the time had come to adjust those rules to meet current realities.

    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 will be limited to a cumulative withdrawal of ₦500,000 weekly, while corporate account holders may withdraw up to ₦5 million per week across all channels, including ATMs, POS terminals, and over-the-counter transactions.

    Meanwhile, 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 (40%) and the financial institution (60%).

    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.

    “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,” the CBN said.

    Latest articles

    APC South-South Says Rivers Assembly Impeachment Plot is Retaliation Against Fubara for Rejecting Fictitious Projects in 2026 Budget

    The All Progressives Congress (APC) South-South Group has accused Rivers Assembly lawmakers loyal to...

    NIGER EAST 2027: WHY THERE IS NO ALTERNATIVE TO 313

    By Mohammed A. Mohammed In Niger East, a quiet revolution began in 2019 when...

    Energy governance group faults ADC, says Tinubu’s approval of NNPC legacy balance reconciliation restores fiscal transparency, not revenue loss

    The Centre for Energy Governance and Public Finance Accountability (CEGPFA) has dismissed claims by...

     PDP vows to reclaim Lugard house seat of Kogi state government in 2027

    Olu Samuel The Chairman of the Kogi state People's Democratic party, PDP, Hon. Muhammed Sanni...

    More like this

    APC South-South Says Rivers Assembly Impeachment Plot is Retaliation Against Fubara for Rejecting Fictitious Projects in 2026 Budget

    The All Progressives Congress (APC) South-South Group has accused Rivers Assembly lawmakers loyal to...

    NIGER EAST 2027: WHY THERE IS NO ALTERNATIVE TO 313

    By Mohammed A. Mohammed In Niger East, a quiet revolution began in 2019 when...

    Energy governance group faults ADC, says Tinubu’s approval of NNPC legacy balance reconciliation restores fiscal transparency, not revenue loss

    The Centre for Energy Governance and Public Finance Accountability (CEGPFA) has dismissed claims by...