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Cancels Limit on Deposits
- Safiu Kehinde
The Central Bank of Nigeria (CBN) has increased the weekly cash withdrawal limit from N100,000 to N500,000 across all banks and other financial institutions.
This was announced in a statement issued on Tuesday by the apex bank’s Director of Financial Policy and Regulation Department, Rita Sike.
According to the statement, the directive which is part of other revised cash-related policies is to become effective from the 1st of January 2026.
The new directives are reportedly borne out of the effort to moderate the rising cost of cash management; address security concerns; and reduce potential for money laundering.
As explained by Sike, the cumulative weekly withdrawal limit across all channels will now be N500,000 for individuals and N5 million for corporations.
Any withdrawal above the said limit is reportedly bound to attract excess withdrawal fee with 40 percent of it forwarded to the CBN while the financial institutions retain 60 percent.
Also, part of the reviewed cash withdrawal policy was the removal of the cumulative deposit limit with fees for excess deposit no longer applicable.
Meanwhile the limit on over-the-counter encashment of 3rd party cheques retains the limit of N100,000.