CBN raises ATM withdrawal limit to N100,000 daily

….unveils new cash policy for 2026

The Central Bank of Nigeria (CBN) has unveiled fresh cash-withdrawal rules that will take effect on January 1, 2026, raising the daily ATM limit to N100,000 per customer and setting a new weekly ceiling of N500,000 across all channels.

The apex bank announced the changes in a circular issued on Tuesday, which was signed by its Director, Financial Policy & Regulation Department, Rita Sike.

The new thresholds mark a major departure from the 2022 limits, which capped ATM withdrawals at N20,000 per day and N100,000 weekly. The CBN has now scrapped the special approvals that previously allowed individuals to take N5 million and corporates N10 million monthly.

Under the revised rules, anyone exceeding the new weekly withdrawal cap will pay excess charges of 3 percent for individuals and 5 percent for companies. 

The circular notes that 40 percent of the fees will go to the CBN and 60 percent to the customer’s bank.

The CBN explained that the policy is designed to cut the rising cost of cash management, improve security, curb money-laundering risks, and push Nigerians toward electronic payments.

Banks must now file monthly returns on all cash withdrawals above the limits, maintain internal ledgers for excess-charge collections, and also report cash deposits.

The circular retains the N100,000 over-the-counter limit on third-party cheques, which will now count toward customers’ weekly caps. It also ends exemptions previously enjoyed by embassies, diplomatic missions, and donor agencies.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees. 

“Excess cash withdrawals shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution,” the circular states.

It added , “The following accounts/entities are exempted from the application of sections 2 and 5 of this circular: Revenue generating accounts of federal, state, and local governments; and Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks. The exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies shall no longer apply.”

While some earlier directives remain valid, others have been replaced under the new framework.

The policy is expected to deepen digital-payment adoption nationwide, even as the raised daily ATM cap offers some breathing space compared with the previous N20,000 limit.

In October, the CBN directed banks to begin submitting detailed monthly reports on their Point-of-Sale (PoS) operations, including agent activities.