CBN Slashes Cash Withdrawal Limits in Push Toward Digital Economy

By Oluwakemi Kindenss

The Central Bank of Nigeria (CBN) has announced major changes to cash withdrawals, reducing weekly limits for individuals to N500,000 and for companies to N5 million starting January 1, 2026.

In a circular issued on Tuesday December 2nd, 2025 and signed by the director of financial policy and regulation Dr Rita Sike says the new rules mark the end of the previous special arrangement that allowed individuals to withdraw up to N5 million and companies N10 million once a month.

It says .”Any withdrawal above the new limits will now incur excess fees—3% for individuals and 5% for corporate accounts. These charges will be shared between banks and the CBN”.

“Daily ATM withdrawals have also been capped at N100,000, with a N500,000 weekly maximum counting toward the overall withdrawal allowance.”

The Apex bank confirmed that ATMs can now be stocked with all currency denominations.” For third-party cheques, the over-the-counter cash limit stays at N100,000″.

According to the circular, banks are required to report monthly on withdrawals and deposits exceeding the new thresholds and to maintain separate accounts for processing fees from excess withdrawals.

The CBN explained that the changes are intended to cut the cost of handling cash, enhance security, and reduce money laundering risks as Nigeria moves toward a more digital, cash-lite economy.cbncggghhhjc