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The Digest:

The Central Bank of Nigeria has abolished cash deposit ceilings and raised weekly withdrawal limits, recalibrating the rules of financial engagement in Nigeria's cash-driven economy. This move, rooted in the storm of managing physical currency, seeks to balance cost, security, and practicality for individuals and businesses.

Key Points:
  • The CBN has completely removed all limits on cash deposits into accounts across the country.
  • The weekly cash withdrawal limit for individuals is increased fivefold, from ₦100,000 to ₦500,000.
  • For corporate organisations, the new weekly withdrawal limit is set at ₦5 million.
  • Withdrawals exceeding these new limits will incur a 3% fee for individuals and 5% for corporates.
  • The previous monthly special withdrawal allowance of ₦5 million for individuals has been scrapped.
  • The daily ATM withdrawal limit remains ₦100,000, but it now counts toward the new weekly ceiling.
  • The new regulations take effect on January 1, 2026, and exclude government revenue accounts.
This overhaul reflects a pragmatic adjustment to the realities of a transitioning economy, subtly shifting pressure from limiting access to managing the cost of excess, revealing how financial systems adapt to the persistent tide of cash.

Sources: Business Day, Business Post