By Olamilekan Abayomi
The Central Bank of Nigeria just dropped a new cash‑policy bombshell that will kick in on January 1 2026: the daily ATM withdrawal ceiling has been bumped up to N100,000 per customer, giving folks a bit more breathing room at the cash machine ¹. It’s a clear signal that the apex bank is trying to balance the need for cash with its longer‑term push toward digital payments.
Alongside the higher daily limit, the CBN has set a weekly cap of N500,000 for individuals and a whopping N5 million for corporate entities across every channel—ATMs, point‑of‑sale terminals, and even over‑the‑counter withdrawals ² ³. And get this: the old deposit limits are gone, meaning you can stash any amount without worrying about extra fees.
If you do decide to go beyond those weekly thresholds, brace yourself for a modest surcharge—3 % for personal accounts and 5 % for businesses, with the fee split 40 % to the CBN and the remaining 60 % staying with the bank ⁴. It’s a way to discourage massive cash grabs while still letting people access more cash when they really need it.
The new rules also carve out some exemptions: revenue accounts of federal, state and local governments, as well as microfinance and primary mortgage banks, are free from the withdrawal caps and excess fees. However, the special treatment that embassies, diplomatic missions and donor agencies used to enjoy has been stripped away, so they now play by the same rules as everyone else.
On the operational side, banks can now load any denomination into ATMs, and the N100,000 limit on over‑the‑counter encashment of third‑party cheques stays in place, counting toward the weekly total. Financial institutions will have to file monthly returns on any withdrawals that exceed the set limits and keep separate ledgers for the processing charges they collect.
All in all, the CBN is aiming to trim the cost of handling cash, tighten security, and curb money‑laundering risks while still giving ordinary Nigerians a bit more cash flexibility. It’s a mixed bag—more cash in hand now, but a gentle nudge toward electronic payments for the future.
