The Central Bank of Nigeria issued a circular revising nationwide cash-related policies for mandatory compliance by all deposit-taking financial institutions from 1 January 2026, removing cumulative cash deposit limits and setting new cumulative weekly cash withdrawal caps backed by excess-withdrawal fees. Cumulative weekly withdrawals across all channels are capped at NGN 500,000 for individuals and NGN 5 million for corporates, with withdrawals above these limits attracting fees of 3% (individuals) and 5% (corporates) on the excess amount, split 40% to the Central Bank of Nigeria and 60% to the bank or financial institution. The ATM withdrawal limit is set at NGN 100,000 per day per customer, subject to a maximum of NGN 500,000 weekly, and ATM and point-of-sale cash withdrawals count toward the weekly cap. The circular also removes the once-monthly special authorisation for withdrawals of NGN 5 million (individuals) and NGN 10 million (corporates), allows all currency denominations to be loaded in ATMs, and retains the over-the-counter encashment limit for third-party cheques at NGN 100,000, which counts toward the weekly withdrawal cap. Banks must submit monthly returns (format to be advised) on cash withdrawals above the specified limits and on cash deposits to the relevant supervisory departments, and Deposit Money Banks must create separate accounts to warehouse processing charges collected on excess cash withdrawals. Revenue-generating accounts of federal, state and local governments, and accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempt from the weekly withdrawal caps and excess-withdrawal fees, while embassies, diplomatic missions and aid-donor agencies are no longer exempt. The circular also identifies prior circulars it supersedes and others it leaves in force.

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