Beginning January, CBN scraps money deposit limits

Nigeria’s Central Financial institution has eliminated all limits and costs on money deposits, in its most sweeping overhaul of cash-management guidelines since 2022. From January 1, 2026, prospects will be capable of deposit any amount of money into banks with out penalties, marking a significant shift away from the regulator’s earlier restrictions designed to curb the financial system’s heavy reliance on money.

Underneath the revised guidelines, people can now withdraw as much as ₦500,000 weekly, whereas corporates can withdraw as much as ₦5 million. Withdrawals above these thresholds will entice a 3% payment for people and 5% for corporates, shared between the CBN (40%) and the monetary establishment (60%). These limits additionally apply to ATM withdrawals, that are capped at ₦100,000 day by day and ₦500,000 weekly. All naira denominations could now be loaded into ATMs.

The directive additionally confirms that the ₦100,000 cap on cashing third-party cheques throughout the counter stays, however will now rely towards a buyer’s weekly withdrawal complete.

This overhaul reverses a number of stringent measures launched in 2022, when people and companies wanted particular authorisation—and a number of paperwork from legitimate IDs to CEO-signed letters—to withdraw ₦5 million and ₦10 million as soon as a month. These necessities will stop to use in 2026.

“As a part of efforts to average the rising price of money administration, tackle safety issues, and scale back the potential for cash laundering related to the financial system’s heavy reliance on money, the Central Financial institution of Nigeria carried out a number of cash-related insurance policies,” the regulator famous in its new directive. “With the effluxion of time, the necessity has arisen to streamline the provisions of those insurance policies to mirror present-day realities.”

The CBN has additionally mandated banks to render month-to-month returns to supervisory departments on all transactions exceeding withdrawal limits and on money deposits. Deposit Cash Banks should additionally create separate inner ledger accounts to maintain the processing prices collected on withdrawals above the restrict earlier than they’re shared. 

Whereas authorities income accounts and first mortgage banks stay exempt from the withdrawal limits and costs, the brand new directive notes that earlier exemptions for embassies, diplomatic missions, and aid-donor companies will not apply, bringing them underneath the brand new money administration regime efficient January 2026.

This transfer is a part of a wider security web that the CBN is casting over the monetary system to curb fraud and enhance effectivity. Proposed pointers concentrating on authorised push fee (APP) fraud require that victims report scams inside 72 hours, and monetary establishments, together with banks and fintechs, should examine and challenge refunds inside 16 working days.