In its most comprehensive revision of cash-management regulations since 2022, Nigeria’s Central Bank has eliminated all restrictions and taxes on cash deposits.
- In its most comprehensive revision of cash-management regulations since 2022, Nigeria’s Central Bank has eliminated all restrictions and taxes on...
- Customers will be permitted to deposit any quantity of money into banks without incurring fines starting on January 1, 2026.
- Individuals can now withdraw up to ₦500,000 each week under the updated regulations, while corporations can withdraw up to ₦5...
- End of special authorisation This reform replaces some strict requirements implemented in 2022, when people and companies needed special authorisation and...
Keep reading for the full breakdown on Cash deposit limits — everything you need to know is covered below.
Customers will be permitted to deposit any quantity of money into banks without incurring fines starting on January 1, 2026. This represents a significant departure from the regulator’s prior limitations intended to reduce the economy’s excessive reliance on cash.
Individuals can now withdraw up to ₦500,000 each week under the updated regulations, while corporations can withdraw up to ₦5 million. The CBN (40 per cent) and the financial institution (60 per cent) will split the 3 per cent fee for individuals and the 5 per cent cost for corporations for withdrawals over certain limits.
These restrictions also apply to ATM withdrawals, which are limited to ₦100,000 per day and ₦500,000 per week. ATMs can now dispense naira in any denomination.
The directive also states that third-party cheques will now count towards a customer’s weekly withdrawal total, but the ₦100,000 cap on cashing them over the counter would still apply.
End of special authorisation
This reform replaces some strict requirements implemented in 2022, when people and companies needed special authorisation and many documents, such as valid identification documents and letters signed by the CEO, to withdraw ₦5 million or ₦10 million in cash once a month.
This exception is eliminated under the new policy, which means that starting in 2026, people and businesses will not be able to withdraw those sums in cash under any circumstances.
“As part of efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the economy’s heavy reliance on cash, the Central Bank of Nigeria implemented several cash-related policies,” the regulator noted in its new directive. “With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities.”
Monthly reports on transactions exceeding withdrawal limits
Additionally, the CBN has required banks to submit monthly reports to regulatory units on all cash deposits and transactions exceeding withdrawal limits. To prevent processing fees earned on withdrawals over the limit from being split, Deposit Money Banks must also establish distinct internal ledger accounts.
The new directive states that prior exemptions for embassies, diplomatic missions, and aid-donor organisations will no longer apply, placing them under the latest cash management regime effective January 2026, even though government revenue accounts and primary mortgage banks remain exempt from the withdrawal limits and fees.
This action is part of a broader safety net the CBN is implementing across the financial sector to reduce fraud and boost productivity.
According to proposed regulations aimed at authorised push payment (APP) fraud, victims must report the fraud within 72 hours, and financial institutions—including banks and fintechs—shall investigate the matter and provide reimbursements within 16 working days.