CBN Scraps Cash Deposit Limit, Raises Weekly Withdrawal Limit to N500,000
The Central Bank of Nigeria (CBN) has announced a major review of its cash policy framework, removing all restrictions on cash deposits and significantly increasing weekly withdrawal limits for individuals and corporate organisations.
The new directive, contained in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department, was issued on Monday.
According to the circular, individuals can now withdraw up to N500,000 weekly, a substantial increase from the previous limit of N100,000.
Corporate account holders have also been granted a higher threshold of N5 million per week, as part of efforts to ease cash access for legitimate transactions.
The CBN stated that the policy review followed extensive consultations with stakeholders and is aimed at promoting financial inclusion, supporting small businesses, and adapting to current economic realities.
The removal of cash deposit limits is expected to simplify banking processes for individuals and businesses that rely heavily on cash-based transactions.
Banks and other financial institutions have been directed to ensure full compliance with the updated guidelines, while continuing to implement existing anti-money laundering and fraud-prevention measures.
The apex bank noted that it will continue to monitor the impact of the revised policy and make further adjustments where necessary to strengthen the financial system.
