The Central Bank of Nigeria has updated key operational expectations for deposit-taking institutions, implementing revised cash-withdrawal policies from 1 January 2026 and directing banks to reduce electronic-fraud response times to less than 30 minutes. A wider 2026 agenda also includes strengthening the payments ecosystem, with the Payments System Vision 2028 expected to launch in Q1 2026. The revised cash-related policies set weekly cash-withdrawal thresholds of NGN 500,000 for individuals and NGN 5 million for corporates across all channels, with fees of 3% and 5% charged on the excess amount and limits aggregated across a customer’s accounts and channels at a bank or other financial institution. Electronic deposits are exempt, there is no limit or processing fee for cash deposits, and ATM withdrawals count toward the weekly totals alongside a NGN 100,000 daily ATM limit and a NGN 100,000 cap on ATM and point-of-sale cash withdrawals. At the Nigeria Electronic Fraud Forum technical kick-off session, the Bank also pushed for ISO 20022 adoption and enhanced identity management, including Bank Verification Number integration with the National Identification Number, with Nigeria Inter-Bank Settlement System reporting a 51% drop in fraud losses to NGN 25.85 billion in 2025 from NGN 52.26 billion in 2024. Separately, the Bank reported that 20 deposit money banks have met revised minimum capital requirements ahead of the 31 March 2026 deadline, set at NGN 500 billion, NGN 200 billion and NGN 50 billion for commercial banks with international, national and regional licences, NGN 50 billion for national merchant banks, and NGN 10 billion and NGN 20 billion for non-interest banks with national and regional licences. A circular also granted Authorised Dealer Banks a temporary dispensation to process Form M using National Agency for Food and Drug Administration and Control licences that expired on 31 December 2025, following the transition from the NICIS II system and the inability to validate or renew licences on the B'Odogwu platform. The Form M dispensation runs until 28 February 2026, while the recapitalisation deadline remains 31 March 2026. Payments System Vision 2028 is expected to be launched in Q1 2026.
Central Bank of Nigeria 2026-02-09
Central Bank of Nigeria tightens cash withdrawal rules and orders banks to respond to electronic fraud within 30 minutes
The Central Bank of Nigeria revised cash-withdrawal policies, setting weekly limits of NGN 500,000 for individuals and NGN 5 million for corporates, with fees on excess amounts. Banks must reduce electronic-fraud response times to under 30 minutes, and the Payments System Vision 2028 will launch in Q1 2026. Additionally, 20 deposit money banks have met revised minimum capital requirements ahead of the 31 March 2026 deadline.