News Update
THE Central Bank of Nigeria has released fresh cash withdrawal rules that will take effect in January 2026.
The move ends the special approval that once allowed individuals to take out ₦5 million and companies ₦10 million once every month.
In the circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the bank said earlier cash policies were introduced at different times to match changing conditions.
But the bank said that the current financial climate now calls for a clearer set of rules that match today’s needs, reduce the pressure of managing cash, improve safety, and limit risks linked to heavy cash use.
From January 1, 2026, the new limits will allow individuals to withdraw up to ₦500,000 weekly through all channels, while companies will be able to take out ₦5 million.
Anyone who goes above these limits will pay an extra charge of three percent for individuals and five percent for companies.
The fees will be shared between the CBN and commercial banks.
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ATM withdrawals will now be capped at ₦100,000 per day, and a total of ₦500,000 per week.
These ATM transactions will count toward the overall weekly limit.
The bank also said ATMs can now hold all naira denominations.
Third-party cheques above ₦100,000 will not be paid over the counter, and withdrawals within that limit will be counted as part of the weekly total.
Commercial banks must file monthly reports on withdrawals and deposits that go above the stated limits and must keep separate accounts for charges collected from extra withdrawals.
The rule does not apply to revenue accounts of federal, state, and local governments.
Microfinance banks and primary mortgage banks are also exempt from the limits and charges.
On the other hand, permissions earlier given to embassies, diplomatic missions, and aid agencies have been withdrawn.
The CBN added that the new circular replaces parts of older instructions listed in its appendices but leaves some earlier rules unchanged.
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