Nigeria’s Central Bank of Nigeria has announced new cash withdrawal limits that will take effect on January 1, 2026, as part of broader efforts to curb money laundering, reduce illicit financial flows and strengthen financial system transparency. Individuals will be restricted to weekly withdrawals of ₦500,000, while corporate organisations will be limited to ₦5 million, according to a circular issued to banks. These limits also apply across ATMs, point-of-sale terminals and over-the-counter transactions, as reported by Reuters.
The Central Bank stated that withdrawals above the set caps will attract excess-cash fees of three percent for individuals and five percent for corporates. Reuters also reported that the regulator has removed previous monthly authorisations that allowed individuals to withdraw up to ₦5 million and firms up to ₦10 million, even with approval.
Local coverage from Vanguard highlighted that the policy is part of a broader cash-management reform aimed at reducing the high operational costs associated with cash handling and improving national security by limiting large-scale cash movements.
Further reporting by independent outlet noted that banks have been directed to maintain dedicated ledgers for transactions that exceed the limit and ensure full compliance with reporting obligations to regulators.
