CBN Don Reduce Cash Withdrawal Limit, Say No More Deposit Wahala!

Lagos, Nigeria

Big news wey dey come from Central Bank of Nigeria (CBN)! Dem don finally scrap all dat ginger wey dey limit cash deposits, and dem don lift the weekly withdrawal limits for wey dey use cash. Na so dem go make life easy for everybody wey dey hustle for money inside this economy.

Before, if you wan withdraw money, you go need special permission to collect ₦5 million if you be individual, and ₦10 million if you be corporate body. But all dis wahala don end! CBN don talk say dem go allow individuals make dem withdraw up to ₦500,000 weekly starting from January 1, 2026, while corporate bodies fit take out ₦5 million. (E be like say dem don finally hear our cries for financial freedom!)

In one circular wey dem release on December 2, 2025, Dr. Rita I. Sike wey be the Director of Financial Policy & Regulation Department for CBN talk say, “These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options.” Na so dem go take reshape policy to align with wetin dey happen for our current realities.

But hold up! E no be say you fit just go dey withdraw money anyhow. Dem don set new rules so that if your withdrawal pass the limit, you go need to pay some small charges – three percent for individuals and five percent for corporate entities. Na like this, na dem go split the charges between CBN and banks. (E be like say dem wan still make small change from our pocket, sha!)

CBN don also talk say ATMs fit now load all currency denominations, and dat daily withdrawal from ATM go dey capped at ₦100,000 per customer. Meaning say if you wan withdraw more, you go carry your hustle go back home for the week, no be small wahala again.

As e be now, the over-the-counter encashment limit for third-party cheques still dey remain at ₦100,000. But for banks, dem go still need to follow up by submitting monthly reports on cash wey pass the new limits. (More paperwork? Abeg, make we hope say dem go fit handle am sharp-sharp!)

Moreover, dem no go allow embassies and international orgs to continue enjoying any exemption wey dem dey give dem before. As dem don release this new policy, dem clarify say dis new rule no dey affect any earlier rules, unless dem don state am inside the appendices wey carry all di details.

So, wetin dis mean for wey dey hustle? You fit breathe small, cash dey ready for pocket, and we fit show up for market with more money. But make you sabi, dem no wan make the money dey scatter una hand. E be like say CBN dey try balance the scale, we go just dey hope say this one no go turn out to be another money wahala for everyone!