atms.webp
The Digest:

The Central Bank of Nigeria has increased cash withdrawal limits, raising the daily ATM ceiling to ₦100,000 as part of a broader relaxation of restrictions on physical currency.

Key Points:
  • The CBN has raised the daily Automated Teller Machine (ATM) withdrawal limit to ₦100,000 per customer.
  • The new cumulative weekly withdrawal limit across all channels is ₦500,000 for individuals and ₦5 million for corporate entities.
  • All limits on cash deposits have been completely removed, with excess deposit charges abolished.
  • Withdrawals exceeding the new weekly limits will attract a 3% fee for individuals and 5% for corporates.
  • The previous monthly special withdrawal allowances (₦5m for individuals, ₦10m for corporates) have been scrapped.
  • The policy revision aims to reduce the high cost of cash management and address associated security risks.
  • The new regulations are set to take effect nationwide on January 1, 2026.
This recalibration acknowledges the persistent tide of cash in daily life, moving from restriction to cost-based management. It reveals a central bank adapting its strategy, seeking not to fight the storm of currency dependency, but to navigate its economic and security implications more deftly.

Sources: TheCable, Punch, Premium Times.