CBN Revises Cash Policy; Sets 3%, 5% Fees For Exceeding Weekly Withdrawal Limits for Individuals, Corporates

The Central Bank of Nigeria, CBN, has revised its cash policy and pegged the weekly withdrawal limit for individual bank account holders at Five Hundred Thousand Naira, across all channels. These include ATMs, POS terminals, and over-the-counter transactions. At the same time, the revised cash policy provides that corporate account holders may withdraw up to Five Million Naira per week. However, withdrawals above these limits will attract excess withdrawal fees of three percent for individuals and five percent for corporates, which is shared in the ratio of forty percent for the CBN and sixty percent for the financial institution. Under the new cash policy, the CBN scrapped the special monthly cash withdrawal waivers of Five Million Naira for individuals and Ten Million Naira for corporates. Details of the revised police were contained in a circular signed by the CBN Director of Financial Policy and Regulation Department, Dr. RITA I. SIKE, dated December 2nd, 2025. According to the circular, the apex bank said the policy overhaul was necessary to reduce the rising cost of cash management, strengthen security around cash movement, and curb money laundering risks in an economy still heavily reliant on physical currency. It noted that earlier cash policies were introduced to manage changing economic conditions, adding that the time had come to adjust those rules to meet current realities. The CBN also announced the removal of the cumulative cash deposit limit, as banks will no longer charge customers fees for deposits exceeding previous thresholds. It intends that the move would encourage more deposits and expand liquidity within the financial system.