Juliet Jacob 
ABUJA, Nigeria – The Central Bank of Nigeria introduces sweeping reforms to its cash management policy, removing deposit limits and raising withdrawal ceilings to reflect what it calls “present-day realities.”
The changes, outlined in a circular signed by Dr Rita Sike, take effect on 1 January 2026.
Dr Sike says the review is necessary to streamline outdated rules and reduce the rising cost and security risks associated with cash handling. Under the revised framework, individuals may withdraw up to ₦500,000 weekly, while corporate bodies can access ₦5 million—a fivefold increase from previous limits. Withdrawals above the thresholds attract charges of 3% for individuals and 5% for corporates.
She confirms that the bank is scrapping monthly authorisation windows, calling the older system “inefficient for today’s operational landscape.”
Other reaffirmed changes include ATM withdrawals capped at ₦100,000 daily and ₦500,000 weekly, Banks must load all denominations in ATMs, Third-party cheque withdrawals above ₦100,000 remain prohibited, and Exemptions for embassies and diplomatic missions are removed.
The CBN says the reforms align with ongoing efforts to reshape Nigeria’s cash-heavy economy as digital payments expand nationwide. More policy adjustments, it notes, may follow to support financial stability and modernisation.
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Mirian Gom 
Otamere Gladness 
Edino Chubiyo Cornelius 
Oluwatobi Adu