BREAKING: CBN Increases ATM Withdrawal Limit to ₦100k Daily

The Central Bank of Nigeria (CBN) don raise the daily cash withdrawal limit for ATMs to ₦100,000 per day, as part of a major review of the nation’s cash withdrawal policy.

In a new circular released on Tuesday, the apex bank also increase the weekly withdrawal limit to ₦500,000 for individuals and ₦5 million for corporate bodies, covering withdrawals made through ATMs, banks, and POS terminals.

This latest adjustment mark a big shift from the tighter cash restrictions introduced during the administration of former CBN Governor Godwin Emefiele. Back in December 2022, the bank had limited over-the-counter withdrawals to ₦100,000 weekly for individuals and ₦500,000 for corporates, a policy many Nigerians complained about.

The new circular also remove the cumulative cash deposit limit entirely, stating that customers will no longer pay charges for depositing large amounts of cash.

According to the CBN, the fresh policy aims to reduce the high cost of managing physical cash, boost security, and curb money laundering tied to the country’s heavy reliance on cash transactions. The bank added that all its cash-related rules over the years were designed to reduce cash handling and encourage wider adoption of electronic payment channels.

Effective January 1, 2026, the following directives will apply nationwide to all deposit-taking financial institutions:

No more deposit limits charges on excess cash deposits don stop. Weekly withdrawals capped at ₦500,000 for individuals and ₦5 million for corporates; withdrawals exceeding this will attract excess withdrawal fees. The special approval for monthly withdrawals of ₦5 million (individuals) and ₦10 million (corporates) has been cancelled. ATM withdrawals now ₦100,000 daily, up to a weekly maximum of ₦500,000. Withdrawals above the approved limit will attract 3% fees for individuals and 5% for corporates, shared between the CBN (40%) and the banks (60%).

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With this move, CBN don signal a softer stance on cash access, offering Nigerians more breathing space after years of strict withdrawal limits.