CBN sets ATM withdrawal limit at N100,000 daily

The Central Bank of Nigeria (CBN) has introduced revised cash‑related policies that will take effect from 1 January 2026, setting a daily ATM withdrawal limit of N100,000 per customer, with a weekly ceiling of N500,000.

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The weekly limit applies across all channels, including ATMs and point-of-sale (POS) devices.

The bank disclosed this in a circular issued on Tuesday, signed by the Director of the Financial Policy & Regulation Department, Rita Sike.

The new rules replace the previous limits under the 2022 guidelines, which capped daily ATM withdrawals at N20,000, and N100,000 per week showing a major shift in the management of cash in the economy.

Under the updated policy, the special authorisation that allowed individuals and corporates to withdraw N5 million and N10 million monthly, respectively, will no longer apply.

Withdrawals above the weekly limits will attract an excess withdrawal fee of 3 per cent for individuals and 5 per cent for corporate customers, with 40 per cent of the fee accruing to the CBN and 60 per cent to the bank.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees,” it said.

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“Excess cash withdrawals shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution,” the circular states.

The revised cash policies are part of the CBN’s long‑standing efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the country’s heavy reliance on cash.

According to the circular, the move also aims to accelerate adoption of electronic payment channels.

Banks are required to report monthly returns on cash withdrawal transactions above the specified limits and on cash deposits, while creating internal ledgers to account for processing charges collected on excess withdrawals.

The circular also removes exemptions for embassies, diplomatic missions, and aid-donor agencies, while retaining the N100,000 limit on over-the-counter encashment of third-party cheques, which will count toward the cumulative weekly withdrawal limit.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular: Revenue generating accounts of federal, state, and local governments; and Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks. The exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies shall no longer apply,” it said.

READ ALSO: CBN fails to recover N629 billion Anchor Borrowers’ Loan – Audit Report

The bank stated that while some previous directives remain in effect, others are replaced by the new circular, as outlined in its appendices.

The new limits may encourage wider use of digital payments, even as the higher daily ATM cap provides some relief for ordinary depositors compared with the previous N20,000 ceiling.

In October, the central bank instructed all financial institutions to provide comprehensive monthly reports on the operations of their Point-of-Sale agents.