CBN Announces New Cash Withdrawal Limits Effective January 2026.

The Central Bank of Nigeria has announced new cash withdrawal limits effective January 1, 2026. Individuals can now withdraw up to ₦500,000 weekly, while corporate entities can withdraw up to ₦5 million weekly. ATM withdrawal limits are set at ₦100,000 daily and ₦500,000 weekly. Excess withdrawal fees will apply, and some accounts are exempt from the limits.

. Here's a breakdown of the changes 

New Weekly Withdrawal Limits:

- Individuals: ₦500,000

- Corporate entities: ₦5 million

ATM Withdrawal Limits:

- Daily limit: ₦100,000

- Weekly limit: ₦500,000 (cumulative)

Excess Withdrawal Fees:

- Individuals: 3% of excess amount withdrawn

- Corporate entities: 5% of excess amount withdrawn

- Fees will be shared between CBN (40%) and commercial banks (60%)

Exemptions:

- Revenue-generating accounts of federal, state, and local governments

- Accounts of microfinance banks and primary mortgage banks

- No exemptions for embassies, diplomatic missions, and aid-donor agencies

Other Changes:

- No limit on cash deposits, and fees for excess deposits have been scrapped

- ATMs will dispense all Naira denominations

- Over-the-counter encashment limit for third-party cheques remains at ₦100,000

These changes aim to reduce cash handling costs, strengthen security, and curb money laundering risks associated with Nigeria's heavy reliance on physical currency.