Nigeria Central Bank Ends Cash Deposit Limits, Raises Withdrawals

The Central Bank of Nigeria announced sweeping revisions to its cash-related policies on Wednesday, eliminating limits on cash deposits and significantly increasing weekly withdrawal allowances for individuals and corporations, effective January 1, 2026. The changes, outlined in a circular titled "Revised Cash-Related Policies" and signed by Dr. Rita Sike, director of the Financial Policy and Regulation Department, apply nationwide to all deposit-taking financial institutions and aim to adapt longstanding rules to current economic conditions.

Under the new framework, customers face no restrictions on the amount of cash they can deposit into accounts, and the previous fees imposed on excess deposits have been abolished. For withdrawals, individuals may now access up to 500,000 naira per week across all channels, including bank counters, automated teller machines and point-of-sale devices, up from the prior limit of 100,000 naira. Corporations are permitted to withdraw up to 5 million naira weekly. Transactions exceeding these thresholds will incur processing fees of 3 percent for individuals and 5 percent for corporate accounts, with the proceeds shared between the Central Bank...