By RismadarVoice Reporter
December 3, 2025
The Central Bank of Nigeria (CBN) has announced sweeping changes to its cash management policies, introducing new nationwide withdrawal limits while completely removing the cumulative deposit cap for individual and corporate customers.
The policy overhaul was contained in a circular issued and signed by the Director of Financial Policy & Regulation, Dr. Rita I. Sike.
The apex bank said the revisions are aimed at addressing the rising cost of cash management, strengthening cash-handling security, and reducing money laundering risks in a largely cash-driven economy.
According to the CBN, previous cash policies were introduced at different times to address shifting economic conditions. However, it noted that the current realities demand a streamlined and updated regulatory framework.
A major highlight of the reform is the full removal of the cumulative cash deposit limit, meaning banks will no longer impose or charge fees for deposits exceeding previous thresholds.
The new directive is expected to encourage Nigerians to deposit more cash, increase banking system liquidity, and support broader financial inclusion goals.
Under the revised framework: Individuals may withdraw a maximum of ₦500,000 per week across all channels, including ATMs, POS terminals and over-the-counter (OTC) withdrawals.
Corporate account holders are permitted to withdraw up to ₦5 million weekly.
Withdrawals above these limits will attract excess withdrawal fees of 3% for individuals and 5% for corporates.
The charges will be split between the CBN (40%) and the financial institution involved (60%).
The circular also announced the discontinuation of the special monthly withdrawal waivers previously granted ₦5 million for individuals and ₦10 million for corporates.
“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 stated.
The apex bank said the new rules will promote safer, more efficient cash usage, deepen digital payments, and strengthen the financial system at a time when the country remains heavily dependent on physical currency.
The revised cash management framework takes immediate effect across all banks and financial institutions nationwide.
