Circular to All Banks, Other Financial Institution and the General Public: Revised Cash-Related Policies

Central Bank of Nigeria
Financial Policy & Regulation Department
Plot 33, Abubakar Tafawa Balewa Way
Central Business District
P.M.B. 0187 Garki, Abuja - Nigeria.
E-mail: fprd@cbn.gov.ng
Website: www.cbn.gov.ng
Phone: +234 700-225-5226, +234 800-225-5226

FPRD/DIR/PUB/CIR/001/011
December 2, 2025

CIRCULAR TO ALL BANKS, OTHER FINANCIAL INSTITUTIONS, AND THE GENERAL PUBLIC

REVISED CASH-RELATED POLICIES
As part of efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the economy's heavy reliance on cash, the Central Bank of Nigeria implemented several cash-related policies. Translation: As part of efforts to moderate the rising cost of cash management, address security concerns, and reduce the potential for money laundering associated with the economy's heavy reliance on cash, the Central Bank of Nigeria implemented several cash-related policies.

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, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities. Translation: 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, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities.

Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide:
Translation: Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide:

1. Limit on deposit and associated fee on excess deposit
   The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply. Translation: Limit on deposit and associated fee on excess deposit. The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

2. Cumulative weekly withdrawal limit
   The cumulative weekly withdrawal limit across all channels shall be #500,000 for individuals and 5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in '5' below. Translation: Cumulative weekly withdrawal limit. The cumulative weekly withdrawal limit across all channels shall be #500,000 for individuals and 5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in '5' below.

3. Exceptional Authorisation for Cash Withdrawal
   The special authorisation for withdrawal of 5 million and 10 million once monthly by individuals and corporates, respectively, shall no longer apply. Translation: Exceptional Authorisation for Cash Withdrawal. The special authorisation for withdrawal of 5 million and 10 million once monthly by individuals and corporates, respectively, shall no longer apply.

4. Automated Teller Machine Withdrawal Limit
   Automated Teller Machine (ATM) withdrawal limit shall be ₩100,000 daily (per customer), subject to a maximum of 500,000 weekly. As indicated in '2' above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein. Translation: Automated Teller Machine Withdrawal Limit. Automated Teller Machine (ATM) withdrawal limit shall be ₩100,000 daily (per customer), subject to a maximum of 500,000 weekly. As indicated in '2' above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

5. Review of excess withdrawal fee
   Excess cash withdrawals (withdrawals above the levels indicated in '2' above) 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. Translation: Review of excess withdrawal fee. Excess cash withdrawals (withdrawals above the levels indicated in '2' above) 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.

6. Denominations to be loaded in ATMs
   All currency denominations may be loaded in ATMs.
   Translation: Denominations to be loaded in ATMs. All currency denominations may be loaded in ATMs.

7. Limit on Encashment of Third-Party Cheques
   The limit on over-the-counter encashment of 3rd party cheques is retained at 100,000. Account holders are advised that any withdrawal under this
   section will form part of the cumulative weekly set in '2' above.
   Translation: Limit on Encashment of Third-Party Cheques. The limit on over-the-counter encashment of 3rd party cheques is retained at 100,000. Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in '2' above.

8. Reporting
   Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:
   Translation: Reporting. Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

a. Returns on cash withdrawal transactions above the specified limit; Translation: Returns on cash withdrawal transactions above the specified limit; b. Returns on Cash Deposits Translation: Returns on Cash Deposits

9. Internal Ledger for Charges
   Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits. Translation: Internal Ledger for Charges. Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

10. Exemptions
    a. The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:
    Translation: Exemptions. The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

i. Revenue generating accounts of federal, state, and local
governments; and
Translation: Revenue generating accounts of federal, state, and local governments; and
ii. Accounts of microfinance banks and primary mortgage banks
with commercial and non-interest banks..
Translation: Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

b. The exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies shall no longer apply. Translation: The exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies shall no longer apply.

11. This circular is without prejudice to the provisions of the circulars listed in
    Appendix 1.
    Translation: This circular is without prejudice to the provisions of the circulars listed in Appendix 1.

12. It supersedes the provisions of the circulars in Appendix 2.
    Translation: It supersedes the provisions of the circulars in Appendix 2.

Please be guided accordingly.

Bile
DR. RITA I. SIKE
DIRECTOR, FINANCIAL POLICY & REGULATION DEPARTMENT

APPENDIX 1 - LIST OF CIRCULARS THAT ARE NOT SUPERSEDED

S/N
CIRCULAR TITLE
CIRCULAR
DATE
CIRCULAR REFERENCE
1.
Introduction of Three tiered Know Your Customer Requirements 18-Jan-13 FPRDIR/CIR/GEN/02/001 2. Deployment of Cash Activity Reporting Portal (CARP) to the Banking Industry 14-Oct-14 COD/DIR/GEN/CMF/09/044 3. Guide to Charges by Banks, Non-bank and OFIs 20-Dec-19 FPR/DIR/GEN/CIR/07/042 4. Data transmission to Cash Activity Reporting Portal (CARP) 20-May-20 BSD/DIR/GEN/LAB/13/022 5. Updated Penalty on inappropriate cash disbursement practices by DMBs 13-Dec-24 COD/DIR/INT/CIR/001/025

APPENDIX 2 – LIST OF SUPERSEDED CIRCULARS

S/N
CIRCULAR TITLE
CIRCULAR
DATE
CIRCULAR REFERENCE
INDUSTRY POLICY ON RETAIL CASH
COLLECTION AND
20-Apr-11
COD/DIR/GEN/CIT/05/031
LODGEMENT (IITP/C/001)
PRESS STATEMENT ON THE NEW CBN
CASH COLLECTION POLICY
1-Jul-11
Press release
NEED FOR CLARIFICATION ON CASH
WITHDARWAL LIMIT FOR PMIS AND MFBS
1-Mar-12
BPS/DIR/GEN/CIR/01/002
REVIEW OF INDUSTRY POLICY ON RETAIL
CASH COLLECTION AND LODGEMENT
INDUSTRY POLICY ON RETAIL CASH
19-Mar-12
Press release
COLLECTION AND
LODGEMENT (IITP/C/001) AS IT AFFECTS
SPECIALIZED INTERNATIONAL
23-Mar-12
BPS/DIR/GEN/CIR/01/004
INSTITUTIONS
INTRODUCTION OF THREE TIERED KNOW
YOUR CUSTOMER REQUIREMENTS
18-Jan-13
FPRDIR/CIR/GEN/02/001
CIRCULAR ON THE PHASE III NATIONWIDE
ROLLOUT OF THE CASHLESS POLICY
9-Jun-14
BPS/PSP/DIR/CIR/VOL. 1/008
NATIONWIDE ROLLOUT OF CASHLESS
POLICY TO THE REMAINING 30 STATES
13-Jul-15
BPS/DIR/GEN/CIR/02/006
CIRCULAR ON NATIONWIDE
IMPLEMENTATION OF THE CASHLESS
21-Feb-17
BPS/DIR/GEN/CIR/04/001
POLICY
RE: CIRCULAR ON NATIONWIDE
IMPLEMENTATION OF THE CASH-LESS
20-Apr-17
BPS/DIR/GEN/CIR/04/004
POLICY
RE: IMPLEMENTATION OF THE CASHLESS
POLICY
17-Sep-19
PSM/DIR/CON/CWO/02/014
RE: IMPLEMENTATION OF THE CASHLESS
POLICY
16-Oct-19
PSM/DIR/GEN/CIR/01/016
NAIRA REDESIGN POLICY - REVISED CASH
WITHDRAWAL LIMITS
6-Dec-22
BSD/DIR/PUB/LAB/015/069
RE: NAIRA REDESIGN POLICY - REVISED
CASH WITHDRAWAL LIMITS
21-Dec-22
BSD/DIR/PUB/LAB/015/073
EXEMPTION OF PMBS AND MFBS FROM
CASH WITHDRAWAL LIMITS
31-Jul-23
PSM/DIR/PUB/CIR/001/049
RE: PROCESSING FEE ON CASH DEPOSITS
11-Dec-23
BSD/DIR/PUB/LAB/016/024
RE: PROCESSING FEE ON CASH DEPOSITS
6-May-24
BSD/DIR/PUB/LAB/017/007
RE: PROCESSING FEE ON CASH DEPOSITS
24-Sep-24
BSD/DIR/PUB/LAB/017/011
MYSTERY SHOPPING AND SPOT CHECK
ON CASH DISBURSEMENT ACTIVITIES OF
DEPOSIT MONEY BANKS
13-Nov-24
COD/DIR/INT/CIR/001/021
CASH AVAILABILITY OVER THE COUNTER
IN DEPOSIT MONEY BANKS AND
AUTOMATED TELLER MACHINES
29-Nov-24
COD/DIR/INT/CIR/001/023