The Central Bank of Nigeria has issued a new directive to banks across the country, removing the long-standing cash deposit cap and introducing a fresh set of withdrawal limits for individuals and corporate account holders.
The policy shift was contained in a circular signed by the Director of the Financial Policy and Regulation Department, Dr Rita I. Sike, dated December 2, 2025.
The apex bank said the review became necessary to cut the rising cost of managing physical cash and to improve security around cash movement.
According to the CBN, the earlier rules were introduced to manage changes in the economy, but current realities demand a more streamlined approach.
The circular stated that the cumulative deposit cap had been fully abolished.
This means banks will no longer charge customers for deposits above previous limits. The bank said the removal is expected to encourage more lodgements and boost liquidity in the financial sector.
Under the revised withdrawal rules, individuals can now withdraw a cumulative ₦500,000 weekly across ATMs, POS terminals and counter transactions. Corporate account holders may access up to ₦5 million weekly.
Any withdrawal above these limits attracts excess fees of 3 percent for individuals and 5 percent for corporates.
The charges will be shared between the CBN and the banks in a 40 to 60 ratio.
The apex bank also ended the special monthly withdrawal waivers of ₦5 million for individuals and ₦10 million for companies. It noted that such exemptions had outlived their purpose.
“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.
