CBN Introduces New Cash Withdrawal Limits, Scraps Deposit Cap

Oru Leonard 

Nigeria’s Central Bank has introduced new cash withdrawal limits and removed the cumulative cash deposit ceiling for all bank customers, aiming to reduce the high cost of handling physical cash and improve security.

The new guidelines, effective immediately, set a weekly cumulative withdrawal limit of ₦500,000 for individuals and ₦5 million for corporate account holders. Excess withdrawals will attract a 3% charge for individuals and 5% for corporates, shared between the CBN and deposit money banks.

The move is expected to boost deposit inflows and improve liquidity within the banking sector, reflecting the CBN’s efforts to enhance efficiency in cash management and promote a more streamlined approach to cash-based transactions.