CBN scraps cash deposit limits, raises withdrawal cap
The Central Bank of Nigeria (CBN) has scrapped all limits on cash deposits in banks, reversing earlier cash-tightening measures and giving customers more freedom to lodge any amount of money into their accounts. At the same time, the apex bank has raised the cumulative weekly cash withdrawal limit across all channels to 500,000 naira for individuals and 5 million naira for corporate account holders, effective from January 1, 2026. Withdrawals above these new thresholds will attract extra charges, with individuals paying a 3 percent fee and corporate bodies paying 5 percent on the excess amounts withdrawn. The CBN explained that earlier cash policies were introduced to cut cash usage and promote electronic payments but said there is now a need to streamline the rules to match current economic realities and improve liquidity. Under the revised framework, daily ATM withdrawals are […]
