Fresh CBN Order Shakes Access, Zenith, UBA and Others as Dollar Withdrawals Get Special Exemption
- The Central Bank of Nigeria (CBN) has issued a new order to deposit money banks on the new cash withdrawal limits
- The apex bank disclosed that its recent directive on cash withdrawal limits does not include dollar accounts
- The apex bank clarified that CBN stressed that foreign currency withdrawals face no limits
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has issued a new directive that immediately affects how banks manage cash withdrawals, especially for customers with dollar accounts.
While the revised cash withdrawal policy sets strict weekly limits for naira transactions, the CBN made it clear that these limits do not apply to dollar withdrawals or other foreign currency transactions.
Source: Twitter
The updated cash policy takes effect on January 1, 2026. Under the new rule, individuals can only make a maximum cash withdrawal of five hundred thousand naira per week across all channels, including ATMs, POS points and over-the-counter transactions.
Corporate customers can withdraw up to five million naira per week.
Dr. Rita I Sike, Director of the Financial Policy and Regulation Department, explained that the aim is to cut the high cost of cash management, strengthen security and reduce money laundering risks.
No limits on dollar withdrawals
In a newly released “FAQs on Revised Cash-Related Policies,” the CBN stressed that foreign currency withdrawals face no limits. The only restriction is when customers try to withdraw naira using a foreign card.
The apex bank responded clearly when asked if the limits applied to foreign currency withdrawals.
The answer was no. The cap applies only to naira cash, even when accessed through an international card.
How the excess fees work
To guide customers, the CBN used an example to show how excess charges are calculated.
If an individual withdraws seven hundred thousand naira in a week, the person has crossed the five hundred thousand naira limit by two hundred thousand.
With a processing fee of three percent, the customer will pay six thousand naira as the penalty.
According to a report by The Nation, these charges are non-refundable. Customers will not need to submit any documents or justification when they exceed the limits. The applicable fee will simply apply.
Banks must enforce the policy
The apex bank ordered all commercial, merchant, microfinance, non-interest and payment service banks to configure their systems to enforce the new withdrawal limits.
They are also expected to monitor compliance, report excess withdrawals and charge the prescribed processing fees.
Cheque transactions fall under the same rules. While customers can cash cheques across the counter, any amount above the limit attracts excess fees.
Third-party cheques above one hundred thousand naira must be deposited and cannot be cashed directly. Corporate cheques face the same rules, though corporate accounts still enjoy the higher five million naira weekly limit.
Reporting duties and limited exemptions
Banks and other financial institutions must keep detailed logs of withdrawals, deposits and excess charges. They are also mandated to send routine reports to the CBN and other agencies.
Government revenue accounts are exempt from the limits. Religious organisations are not. Microfinance and primary mortgage banks are exempt only when sourcing operational cash from bigger correspondent banks, but their customers must follow the standard limits.
Source: Twitter
The CBN also warned banks against adjusting the limits on their own. Only in cases where a bank has insufficient cash can temporary reductions be made, and such actions must be reported immediately to the Currency Operations Department.
CBN banks deadlines to refund fraud victims
Legit.ng earlier reported that the CBN has introduced a new framework that forces banks and fintechs to speed up how they handle fraud complaints and refund victims.
Under this draft guideline, customers must report suspected fraudulent transactions within 72 hours, while financial institutions have a 16-working-day window to investigate and return funds.
The move follows a sharp rise in fraud across the financial system.
Source: Legit.ng
