CBN Announces 4 New Cash Withdrawal, Deposit Rules, ATM Limit N100,000 Daily
- The CBN has released revised guidelines for cash withdrawal and deposit limits for individuals and corporates.
- The new rules, effective January 1, 2026, also cover ATM daily limits, POS withdrawals, and third-party cheque
- Withdrawals above approved limits will attract 3% and 5% charges for individuals and corporates, while some government accounts are exempted
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has revised its cash withdrawal and deposit rules, effective January 1, 2026.
In a circular signed by Rita Sike, Director of the Financial Policy & Regulation Department, the apex bank said the new rules are aimed at addressing the high cost of cash handling, addressing security risks, and curbing money laundering while encouraging wider use of electronic payment channels.
Source: Getty Images
New rules on cash withdrawals
Under the new guidelines, banks and other financial institutions are expected to comply with the updated cash-related rules, which overhaul several existing policies.
One of the major changes is the removal of cumulative deposit limits, meaning customers can now deposit any amount without paying excess deposit fees.
However, cash withdrawals will now operate under stricter rules.
CBN circular reads:
"The cumulative weekly withdrawal limit for individuals is fixed at N500,000, while corporate organisations may withdraw up to N5 million weekly across all channels.
"Withdrawals above the limit will attract excess withdrawal charges of 3% for individuals and 5% for corporates, with proceeds shared 40% to the CBN and 60% to the financial institution involved.
The special monthly approval that previously allowed individuals and corporates to withdraw N5 million and N10 million respectively has also been abolished."
ATM new rules and cheque
CBN also said that daily withdrawals from Automated Teller Machines (ATMs) have been revised to N100,000 per customer, capped at N500,000 weekly, which is the overall weekly withdrawal limit.
All currency denominations may now be loaded into ATMs.
The limit for over-the-counter encashment of third-party cheques remains N100,000, which will also count toward weekly withdrawal totals.
Source: UGC
Instructions for banks and exemptions
Vanguard reports that banks are now required to submit monthly reports on withdrawals above stipulated limits and maintain dedicated internal ledger accounts for processing charges.
The new policy includes exemptions for revenue accounts of the federal, state and local governments, as well as accounts belonging to microfinance banks and primary mortgage banks operating with commercial and non-interest banks.
However, embassies, diplomatic missions, and donor agencies will no longer enjoy previous exemptions under cash policy rules.
The CBN urged all financial institutions to ensure full compliance ahead of the implementation date.
In summary, here are the 4 new rules
- Deposit limit removed: No limit or fees on deposits.
- Weekly withdrawal: N500k for individuals, ₦5m for corporates.
- ATM cap: ₦100k daily, N500k weekly.
- Excess fees: 3% individuals, 5% corporates
Banks with highest customers deposit
Earlier, Legit.ng reported that ten banks in Nigeria have recorded over N33.24 trillion in savings deposits in the nine months ending September 2025.
The latest figure represents a 6.8% increase from N31.13 trillion in the same period of 2024.
The banks covered in the review include Tier one and Tier 2 which includes Access Holdings Plc, Ecobank Transnational Plc.
Source: Legit.ng
