CBN Cash Withdrawal Limits Explained
Nigeria’s cash withdrawal rules changed significantly from January 1, 2026. The Central Bank of Nigeria introduced revised cash-related policies covering weekly withdrawal limits, excess withdrawal charges, deposits and ATM withdrawals. These rules are important for individuals, businesses and anyone who regularly handles large amounts of cash.
Under the revised policy, the cumulative weekly withdrawal limit across all channels is ₦500,000 for individuals and ₦5 million for corporate organisations. Withdrawals above the applicable weekly limit attract excess withdrawal charges under the policy.
What Is the Individual Weekly Withdrawal Limit?
The cumulative weekly withdrawal limit for an individual is ₦500,000 across all channels. The word “cumulative” is important. The limit is not simply a ₦500,000 ATM limit that resets independently from over-the-counter withdrawals.
Transactions across applicable channels contribute to the weekly total.
What Is the Corporate Weekly Limit?
Corporate organisations have a cumulative weekly withdrawal limit of ₦5 million across all channels under the revised policy.
| Customer Type | Weekly Cumulative Limit |
|---|---|
| Individual | ₦500,000 |
| Corporate | ₦5,000,000 |
ATM Withdrawal Limits
The revised policy also provides an ATM withdrawal limit of ₦100,000 per day and ₦500,000 per week. ATM withdrawals count toward the overall weekly withdrawal limit.
This means a customer should not assume that ATM withdrawals are completely separate from other cash withdrawals when calculating the weekly threshold.
What Happens Above the Limit?
Withdrawals above the applicable weekly limit attract excess withdrawal charges. The CBN’s revised policy specifies a 3% charge for individuals and 5% for corporate organisations on excess cash withdrawals.
Customers planning a large cash transaction should therefore consider whether electronic payment, bank transfer or another appropriate method can be used instead.
What Happened to the Previous Special Authorisation?
The previous special authorisation for monthly withdrawals of ₦5 million for individuals and ₦10 million for corporates was discontinued under the revised policy.
Were Cash Deposit Limits Removed?
Yes. The revised policy removed the cumulative cash-deposit limit and the associated fee for excess deposits. This is separate from withdrawal limits.
Removing a deposit limit does not mean customers should ignore normal banking compliance requirements. Large or unusual transactions can still require appropriate documentation or explanation under applicable rules.
Third-Party Cheques
The policy retains a ₦100,000 limit for over-the-counter cashing of third-party cheques, with such transactions included in the weekly withdrawal calculation.
Why Did the CBN Change the Rules?
The policy is intended to reduce the cost of cash management, improve security and encourage greater use of electronic payment channels. The CBN has also identified risks associated with heavy dependence on physical cash.
How Should Individuals Plan Around the Limit?
If you regularly withdraw large amounts, track your weekly withdrawals. Do not wait until you urgently need cash to discover that you have already reached the applicable limit.
For legitimate business payments, consider using transfers, POS payments or other electronic channels where appropriate.
How Should Businesses Plan?
Businesses that traditionally operate with large cash volumes should review their payment procedures. Electronic collections and supplier payments can reduce the need to withdraw large amounts of physical cash.
Does the Rule Mean Banks Cannot Give You More Cash?
The policy establishes the applicable limits and charges. Customers should not assume that a branch can simply ignore the regulatory framework. Banks are required to comply with the CBN’s rules.
Important Exceptions
The CBN’s revised framework contains specific provisions and exemptions for certain account categories and transactions. Customers should therefore avoid applying a simplified interpretation to every type of account.
Government revenue accounts and certain financial institutions, including microfinance and primary mortgage banks, are treated differently under parts of the policy.
Frequently Asked Questions
Can I withdraw ₦500,000 every day?
No. The individual limit is cumulative weekly, while ATM withdrawals are also subject to a daily ATM limit. The rules should be considered together.
What is the corporate limit?
The cumulative weekly withdrawal limit for corporate organisations is ₦5 million.
Is there still a limit on cash deposits?
The revised policy removed the cumulative deposit limit and the associated excess-deposit fee.
How much can I withdraw from an ATM?
The revised policy provides for ₦100,000 per day and ₦500,000 per week through ATM withdrawals, subject to the applicable framework.
Conclusion
The 2026 CBN cash rules make weekly withdrawal planning more important for Nigerians. Individuals have a ₦500,000 cumulative weekly limit, while corporates have a ₦5 million limit, and ATM withdrawals are subject to additional daily and weekly parameters. The safest approach is to track withdrawals and use electronic payment channels where practical.