The Central Bank of Nigeria has abolished all cash-deposit limits for bank customers while maintaining strict weekly withdrawal limits under a revised cash-management framework that takes effect on January 1, 2026.

The policy changes were announced in a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike. The CBN said the update reflects “present-day realities.”

A major highlight is the removal of the cumulative cash-deposit limit. This ends the charges previously imposed on customers who deposited amounts above set thresholds.

Although deposit limits have been scrapped, the CBN retained existing weekly withdrawal ceilings: N500,000 for individuals and N5 million for corporates. Withdrawals above these limits will continue to attract fees of 3% for individuals and 5% for corporates, shared between the CBN and banks in a 40:60 ratio.

The circular also ends the special approval that allowed monthly withdrawals of up to N5m for individuals and N10m for corporates. ATM withdrawals remain limited to N100,000 daily and N500,000 weekly, with ATM and PoS withdrawals counted as part of the weekly total.

Under the new rules, ATMs may now dispense all denominations. The N100,000 limit on over-the-counter encashment of third-party cheques remains in place and forms part of the weekly withdrawal ceiling.

Banks are required to file monthly reports on withdrawals above the set limits and maintain internal accounts for charges collected. Some exemptions remain for government revenue accounts and certain financial institutions, but embassies, diplomatic missions and donor agencies will no longer enjoy exemptions from cash rules.

The new circular replaces 24 previous directives issued by the CBN.