Starting January 1, 2026, the Central Bank of Nigeria (CBN) is rolling out a major shake-up in cash handling rules. The new policy is designed to modernize the country’s payment system, reduce cash-related risks, and push more people toward digital payments.
What’s Changing
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No more deposit fees or limits – You can deposit any amount into your account without extra charges.
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Higher weekly withdrawals, but capped – Individuals can withdraw up to ₦500,000 per week, while businesses have a ₦5 million weekly limit.
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Daily ATM withdrawals remain modest – Maximum ₦100,000 per day at ATMs, counted toward your weekly limit.
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Special large-withdrawal authorizations removed – Those old “special approvals” for big withdrawals are gone.
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Exceeding limits comes with a penalty – Extra withdrawals over the weekly cap incur 3% fees for individuals, 5% for businesses, split between the bank and CBN.
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All withdrawals counted – Cash taken out via ATMs, POS, or over-the-counter all count toward weekly caps.
Why It Matters
Nigeria relies heavily on cash, which increases risks of theft, fraud, and money laundering. By easing deposit rules and controlling withdrawals, CBN aims to cut cash handling costs, improve security, and encourage digital transactions. This is a big push toward cashless living — bank transfers, POS, and digital wallets are the future.
How It Affects You
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Individuals – Plan withdrawals carefully; avoid penalties. Use digital payments when possible.
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Small businesses – Rework cash-flow planning; consider POS and bank transfers to handle payments.
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Corporates – Watch weekly limits; avoid extra fees by using electronic channels.
Bottom Line
The 2026 cash policy isn’t just a minor update — it signals a shift from cash to digital. Nigerians, from everyday citizens to businesses, need to adapt quickly. Embrace electronic payments, rethink cash-heavy operations, and stay ahead of the game.