Nigeria’s central bank has unveiled sweeping new cash withdrawal limits and related rule changes aimed at curbing cash dependence and reducing security and money-laundering risks, according to Reuters.
Under a circular issued to banks and other financial institutions, the Central Bank of Nigeria (CBN) said that from Jan. 1, 2026, individuals will be restricted to cumulative weekly cash withdrawals of 500,000 naira, while corporate customers will be capped at 5-million naira. Withdrawals above those thresholds will incur fees of 3% for individuals and 5% for companies, the news agency said.
The CBN said the new limits are intended “to moderate the rising cost of cash management, address security concerns and reduce the potential for money laundering,” Reuters reported.
The central bank is also scrapping special authorizations that previously allowed large monthly withdrawals of up to 5-million naira for individuals and 10-million naira for corporates. Exemptions for embassies and donor agencies are being removed, though government revenue accounts and certain financial institutions will continue to be exempt, the news agency said.
Banks will be required to report transactions above the new limits and keep separate ledgers for the charges collected on excess withdrawals, tightening oversight of cash flows through the formal financial system.
Read more at Reuters