The Central Bank of Nigeria (CBN) has introduced major changes to how cash is handled in the country. 

On December 2nd, 2025, the apex bank announced new withdrawal limits for individuals and corporate account holders and completely removed the cumulative deposit cap for bank customers.

The announcement, made in a circular signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, explained that the changes aim to reduce the rising cost of cash management, improve security around cash movement, and curb money laundering risks in an economy still largely dependent on physical cash.

No More Deposit Cap

With the new policy, banks will no longer charge fees for deposits that exceed previously set limits. This move is expected to encourage more deposits and improve liquidity across Nigeria’s financial system.

New Withdrawal Limits

Individuals can now withdraw up to ₦500,000 per week across all channels, including ATMs, POS terminals, and over-the-counter transactions. Corporate accounts can withdraw up to ₦5 million per week.

Exceeding these limits will incur additional fees, 3% for individuals and 5% for corporates. These fees will be split between the CBN (40%) and the banks (60%). 

At the same time, the special monthly cash withdrawal waivers of ₦5 million for individuals and ₦10 million for corporate accounts have been discontinued.

The CBN explained that the previous policies were introduced to reduce cash usage and promote electronic payments. With changing times, the bank believes it’s necessary to update the rules to match today’s realities.

What this means

The removal of the deposit cap and the new withdrawal rules are expected to make banking more flexible for customers while keeping cash management efficient and secure. 

Customers are now encouraged to make more deposits without fear of fees, and the weekly withdrawal limits are designed to balance convenience with safety.