New Banking Rules: How the CBN’s withdrawal limits affect you
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The CBN has completely removed the limit on cash deposits. This means customers can now deposit any amount of money without paying extra charges. The bank believes this will encourage more people to bring
The Central Bank of Nigeria has released new rules on cash withdrawals and deposits across the country. The announcement was made in a circular signed on December 2, 2025, by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department.
The CBN explained that the changes were necessary to reduce the high cost of managing cash, improve security in transporting money, and limit the risks of money laundering in an economy where many people still depend on physical cash.
The bank said that previous cash policies were introduced to handle economic challenges at different times, but the situation has now changed, making it important to update the rules.
Deposit Limit Removed
The CBN has completely removed the limit on cash deposits. This means customers can now deposit any amount of money without paying extra charges. The bank believes this will encourage more people to bring money into the banking system and increase overall liquidity.
New Withdrawal Limits
The CBN has also introduced new weekly withdrawal limits:
Individuals: Up to ₦500,000 per week across all channels — ATMs, POS, and over-the-counter.
Corporate organisations: Up to ₦5 million per week.
If anyone withdraws more than these limits, they will be charged:
3% fee on the excess amount for individuals
5% fee on the excess amount for companies
The fees will be shared between the CBN (40%) and the customer’s bank (60%).
Special Waivers Cancelled
The special monthly withdrawal allowances ₦5 million for individuals and ₦10 million for companies have been cancelled. These waivers will no longer be available.
The CBN said the aim of all these changes is to reduce the use of cash and encourage more people to use electronic payment options, which are safer and easier to track.
According to the CBN, these changes are aimed at making cash management safer and more efficient, encouraging more people to use electronic payments, and ensuring the banking system remains secure and well-funded in today’s economy.
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