In a sweeping financial policy shift, the Central Bank of Nigeria (CBN) has announced a new nationwide cash withdrawal framework that will take effect from January 1, 2026, significantly reducing how much Nigerians can access in physical cash weekly.
In a circular issued on Tuesday, December 2, 2025, and signed by the Director of Financial Policy & Regulation, Dr. Rita I. Sike, the CBN confirmed that individuals will now be limited to ₦500,000 per week, while corporate organisations can withdraw up to ₦5 million within the same period — across all financial channels.
The fresh directive formally ends the earlier special exemption which had allowed individuals to access up to ₦5 million monthly and corporations ₦10 million monthly without penalty.
According to the apex bank, these changes are aimed at curbing the nation’s heavy dependence on cash, reducing the cost of currency management, strengthening security, and combating the money laundering risks tied to physical cash circulation.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN explained.
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New Withdrawal Fees
Withdrawals beyond the newly approved weekly limits will attract additional charges:
Individuals: 3% excess withdrawal fee
Corporate entities: 5% excess withdrawal fee
The charges will be shared between the CBN and licensed financial institutions.
ATM & Third-Party Cheque Restrictions
Under the revised policy:
- Daily ATM withdrawals will be capped at ₦100,000, with a maximum of ₦500,000 weekly.
- All ATM transactions count towards the cumulative weekly withdrawal limit.
- Banks may now load all currency denominations into ATMs.
- Over-the-counter withdrawals using third-party cheques remain limited to ₦100,000, also counting toward the weekly withdrawal limit.
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The Central Bank maintains that the reforms will accelerate the use of electronic channels and modern payment systems, encouraging Nigerians and businesses to adopt digital finance solutions in line with global practices.
Stay with Egalitarian Voice for updates, expert reactions, and how this policy will impact banking, commerce, and everyday financial life.
