CBN scraps cash deposit limits, raises weekly withdrawal threshold
The Central financial institution of Nigeria (CBN) has removed the restriction on cash deposits and raised the weekly coins withdrawal restrict across all channels to N500,000, up from N100,000.
The apex financial institution disclosed this in a circular to all banks titled “Revised coins-related regulations”, signed with the aid of Dr. Rita Sike, Director, economic policy & law department.
according to the CBN, the coverage is designed to lessen the price of cash management, beef up protection, and decrease cash laundering risks related to the economy’s heavy reliance on bodily foreign money.
“those rules, issued over the years in reaction to evolving instances in coins management, sought to lessen cash utilization and inspire expanded adoption of different fee selections, specially electronic charge channels. With the effluxion of time, the need has arisen to streamline the provisions of these rules to mirror gift-day realities,” the CBN stated.
effective January 1, 2026, the circular introduced numerous key adjustments. The cumulative savings restrict has been removed, and the rate formerly charged on extra deposits will not observe.
The CBN additionally stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates. Withdrawals above these thresholds will entice extra withdrawal expenses as special inside the round. further, the unique month-to-month authorisation that allowed people to withdraw N5 million and corporates N10 million as soon as a month has been abolished.
For automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 in line with customer, with a most of N500,000 weekly, which forms part of the overall weekly withdrawal restriction relevant to all channels, including point-of-sale (POS) transactions.
The round in addition disclosed that excess withdrawals above the stipulated limits will entice costs of three in keeping with cent for people and 5 per cent for company customers, shared inside the ratio of 40 according to cent to the CBN and 60 according to cent to the operating bank or financial group.
Banks have additionally been directed to load all forex denominations in ATMs, at the same time as the existing restriction on over the counter encashment of third-birthday celebration cheques stays pegged at N100,000. Such withdrawals will also be counted as a part of the cumulative weekly limit.
moreover, banks are required to render month-to-month returns to the relevant supervisory departments, which includes the Banking Supervision department, other monetary institutions Supervision department, and the payments machine Supervision branch.
The CBN clarified that sales-producing accounts of federal, state, and nearby governments, as well as the accounts of microfinance banks and number one loan banks held with business and non-interest banks, are exempted from the brand new withdrawal and extra-fee regulations. but, the lengthy-standing exemption formerly enjoyed by means of embassies, diplomatic missions, and aid-donor companies has been eliminated.
Leave a Reply