5 New Important Changes as CBN Revises Cash Withdrawal, Deposit Policy From January 2026
- The CBN has announced a revised cash withdrawal and deposit policy that will be implemented across banks
- The new policy covers weekly cash withdrawal limits for individuals and corporate entities
- There are also changes in Automated Teller Machine, Point of Sale, and Cheque rules
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.
Nigerian banks have begun alerting customers to the Central Bank of Nigeria’s (CBN) revised cash withdrawal and deposit policies, which will take effect on January 1, 2026.
The move is part of the CBN’s efforts to improve cash management, enhance financial security, and encourage the use of digital payment channels.
Source: Getty Images
Under the new rules, there will be no limit on cash deposits, allowing individuals and corporate customers to deposit any amount without incurring fees.
This change aims to simplify banking processes and promote formal financial transactions nationwide.
Financial institutions, including Wema Bank, have advised customers to familiarise themselves with the new policies and make greater use of digital banking channels for safer and more convenient transactions.
Wema Bank's message to the customer reads:
“This is to formally inform you of the recent updates to cash-related policies introduced by the Central Bank of Nigeria (CBN). These updates are part of the Bank’s ongoing efforts to improve cash management, enhance security, and encourage wider use of electronic payment channels for greater convenience and safety.
“The revised policies will take effect from January 1, 2026 and will apply nationwide.
" We encourage customers to take advantage of our digital banking channels for faster, safer, and more convenient transactions.
"For further information or clarification, please contact your Relationship Manager or visit any Wema Bank branch."
5 important changes coming from January 1
Here are the changes expected
No limit on cash deposits
There will no longer be a cumulative cash deposit limit. All fees on excess cash deposits have also been removed.
Weekly cash withdrawal limits
Read also
Access Holdings to raise N40bn in foreign currency as CBN's recapitalisation deadline nears
- Individuals: N500,000 per week. Withdrawals above this limit will attract a fee of 3% of the excess amount.
- Corporate customers: N5,000,000 per week. Withdrawals above this limit will attract a fee of 5% of the excess amount
Special cash withdrawal approvals discontinued:
The previous special approvals that allowed higher monthly withdrawals will no longer apply.
ATM Cash Withdrawal Limits
- N100,000 daily per customer
- Maximum of N500,000 weekly
- ATM and POS cash withdrawals count toward the weekly withdrawal limit.
Third-Party cheque encashment:
Over-the-counter encashment of third-party cheques remains capped at N100,000 and counts toward your weekly withdrawal limit.
Source: Getty Images
The revisions are part of CBN's step toward modernising Nigeria’s banking system, Punch reports.
By encouraging electronic transactions, the measures aim to reduce risks associated with cash handling, including theft and fraud, while improving overall liquidity management.
CBN issues instructions on international card use
Earlier, Legit.ng reported that the CBN has directed banks and non-bank acquirers to reconfigure all ATMs, POS terminals and virtual payment platforms to seamlessly accept foreign-issued payment cards across the country.
The directive was captured in a circular signed by Rita Sike, the Director of the Financial Policy and Regulation Department.
The apex bank noted that the directive is aimed at ensuring uninterrupted and efficient transactions for users of international cards.
Source: Legit.ng
