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Home Economy CBN Announces Major Policy Shift, Raises Withdrawal Limits and Removes Deposit Restrictions

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CBN Announces Major Policy Shift, Raises Withdrawal Limits and Removes Deposit Restrictions

From January 1, 2026, individuals can withdraw up to ₦500,000 weekly and corporates ₦5 million as CBN scraps all deposit caps to ease liquidity pressures.

Funmi Adewoju SuleoduDecember 4, 20251 Mins read

The Central Bank of Nigeria (CBN) has introduced sweeping changes to its cash withdrawal and deposit framework in a significant policy shift aimed at easing liquidity constraints and supporting economic activities nationwide.

In a circular signed by Dr. Rita I. Sike, Director of the Financial Policy and Regulation Department, the apex bank announced that, effective January 1, 2026, the weekly cash withdrawal limit for individuals has been raised from ₦100,000 to ₦500,000 across all channels, including ATMs, POS terminals and over-the-counter transactions. Corporate organisations will now be able to withdraw up to ₦5 million weekly, a major increase from the previous ₦500,000 limit.

A major highlight of the revision is the complete removal of restrictions and processing fees on cash deposits, allowing customers to make unlimited deposits without penalties.

The daily ATM withdrawal limit, previously between ₦20,000 and ₦40,000 depending on the bank, has been reviewed upward to allow withdrawals of up to ₦100,000 daily, which will count toward the new weekly limit. Third-party cheque withdrawals remain pegged at ₦100,000 and will also count toward weekly withdrawal totals.

While excess withdrawals above the new limits will attract charges—3 percent for individuals and 5 percent for corporate bodies—the CBN has discontinued the requirement for special authorisation for large withdrawals beyond ₦5 million for individuals and ₦10 million for corporates. Banks are now allowed to load ATMs with all denominations, ending the earlier restriction on lower-value notes.

According to the CBN, the revised policy aims to address current economic realities, including high inflation and liquidity pressures, while still promoting the long-term goal of reducing cash dominance in the financial system. The changes build upon earlier cash-limit measures introduced in 2022 during the naira redesign exercise to curb hoarding and illicit financial flows.

The apex bank has also directed all financial institutions to submit monthly reports on withdrawals exceeding the new thresholds and on cash deposit trends for regulatory monitoring.

Author

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs.

She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs.

She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development.

Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work.

Detailed professional history and references are available upon request.

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Written by

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs. She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs. She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development. Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work. Detailed professional history and references are available upon request.