The Central Bank of Nigeria (CBN) has removed all limits on cash deposits and significantly increased weekly cash withdrawal thresholds for individuals and businesses.
The move marks one of the most consequential policy adjustments under the current administration, signalling a shift away from the stringent cash controls imposed in previous years.
The new directive, released Tuesday, December 2, 2025, and signed by the Director of Financial Policy and Regulation, Dr. Rita I. Sike, takes effect January 1, 2026. It is expected to ease liquidity constraints, reduce transaction frictions, and restore confidence among consumers and businesses that depend on cash transactions for daily operations.
Under the revised guidelines, all cash deposit limits have been abolished, allowing individuals and corporates to deposit any amount without facing penalties or additional authorisation requirements. This represents a clear departure from earlier policies that were introduced under the previous administration to limit cash usage.
More notably, the CBN has upwardly reviewed the weekly cash withdrawal limits:Individuals: up to N500,000 weekly across all channels
Corporate entities: up to N5 million weekly
Withdrawals above these limits will attract excess charges of three percent for individuals and five percent for corporates, with fees shared between banks and the CBN.
The apex bank also ended the previous provision that allowed individuals to withdraw N5 million and corporates N10 million once monthly with special approval.In the circular, the CBN explained that previous cash policies were implemented “in response to evolving circumstances,” especially around cash management costs, security concerns, and the need to push Nigerians toward alternative payment channels.
However, the apex bank acknowledged that the realities of today’s economy demanded a more flexible approach.
“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the statement read.
(Independent)
