The Central {Bank} of Nigeria has eliminated the cumulative money deposit restrict for people and company organisations whereas elevating the weekly money withdrawal ceiling to N500,000 for people, up from N100,000.
These adjustments have been introduced in a round titled “Revised Money-Associated Insurance policies”, signed by Rita Sike, Director of the {Financial} Coverage and Regulation Division.
In accordance with the apex {bank}, the coverage adjustments are designed to scale back rising money administration prices, tackle safety considerations, and mitigate cash laundering dangers in a cash-intensive financial system.
The CBN added that earlier cash-related insurance policies have been launched to chop down money utilization and encourage digital fee adoption, however evolving {economic} and operational realities made a assessment obligatory “to streamline provisions consistent with present-day circumstances.”
Efficient January 1, 2026, the cumulative money deposit restrict has been abolished, and the earlier charges charged on extra money deposits will now not apply. Underneath the revised guidelines, people can now withdraw as much as N500,000 weekly, whereas company entities have a restrict of N5m.
Withdrawals above these thresholds will entice extra expenses of three p.c for people and 5 p.c for corporates, with revenues shared between the CBN and banks in a 40:60 ratio.
The round additionally removes the particular month-to-month authorisation that beforehand permitted people to withdraw N5m and corporates N10m as soon as a month.
For ATM transactions, the each day withdrawal restrict stays at N100,000 per buyer. Nevertheless, ATM withdrawals now kind a part of the overall weekly withdrawal restrict of N500,000, which additionally consists of POS transactions.
Banks have been instructed to load all denominations into their ATMs to enhance entry to money. The prevailing restrict for over-the-counter encashment of third-party cheques stays at N100,000 and can rely towards the cumulative weekly restrict.
To make sure compliance with the brand new pointers, the CBN has mandated banks to submit month-to-month returns to the Banking Supervision Division, Different {Financial} Establishments Supervision Division, and the Funds System Supervision Division.
The highest {bank} additionally made it clear that the brand new withdrawal and excess-fee rules don’t apply to revenue-generating accounts of federal, state, and native governments, in addition to accounts of microfinance banks and first mortgage banks held with business and non-interest banks.
Nevertheless, exemptions beforehand granted to embassies, diplomatic missions, and aid-donor companies have now been eliminated.
The coverage adjustment is more likely to alleviate money administration considerations for banks and clients whereas additionally boosting the CBN’s push for higher utilization of digital funds.
The central {bank} plans to boost money availability whereas upholding {financial} safety measures by eradicating deposit restrictions and elevating withdrawal limits.