CBN Don Scatter Old Cash Rules: Deposit Limit Don Waka, Weekly Withdrawal Don Jump to N500k!

The Central Bank of Nigeria (CBN) don shake table again as dem scrap the old cash deposit limit wey dey give people headache. Before, if you drop too much money for bank, dem go begin charge you like say you be money ritualist. But from January 1, 2026, all those “extra deposit charges” don vanish like NEPA light.

Dem no stop there. CBN still raise weekly withdrawal limit for individuals from N100k to N500k, and corporate people fit now waka go bank collect N5 million weekly without doing special prayer. The circular wey carry the tori, “Revised Cash-Related Policies,” na Dr. Rita Sike sign am—Director for Financial Policy & Regulation Department.

CBN yarn say all these adjustments na because cash management don cost abeg, security wahala dey increase, and money laundering dey take shape like Nollywood plot twist. So dem say make everybody calm down—na to reduce cash dependence and adjust to Nigeria’s “realities.”

Withdrawal Matter: E Get Limits, E Get Consequences

Even though CBN don free deposit, withdrawal still get belle. If you pass the new N500k weekly limit as individual or N5m as corporate, na charge go land your head—3% for individuals, 5% for corporate bodies. And the sharing formula na 40/60 between CBN and your bank… Na who say mathematical sharing no sweet?

Also, that old special authorisation wey allow individuals withdraw N5m monthly and companies N10m? E don die natural death. So if you dey plan to do “big boy” withdrawal, just know say you go pay small appreciation fee to your bank and CBN.

ATM withdrawal limit still dey stuck for N100k per day, and e dey count inside the N500k weekly limit. Same thing follow POS—so if you dey try dodge bank using POS, abeg reason am again.

Banks, Government, and People Wey the New Law No Touch

Banks sef no escape responsibility. Dem must load ATMs with all denominations—no more “only N1000 dey available.” Dem must still maintain the N100k over-the-counter limit for third-party cheques and submit monthly compliance report sharp sharp.

But e still get people wey this policy no touch. Revenue accounts for all levels of government dey exempt. Microfinance bank customers and primary mortgage banks still dey free lane too.

However, embassies, diplomatic missions, and aid agencies wey get free pass before—CBN don collect the pass back. No more VIP treatment. Everybody go follow the same queue now.