CENTRAL BANK OF NIGERIA

FAQs on
Revised
Cash-Related
Policies

Effective January 1, 2026

CENTRAL BANK OF NIGERIA
.....

When will the revised cash-related policies take effect? Who does it apply to?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

The policies become effective nationwide on January 1, 2026, and apply to all deposit- taking financial institutions in Nigeria. The policies become effective nationwide on January 1, 2026, and apply to all deposit-taking financial institutions in Nigeria.

BANK

CENTRAL BANK OF NIGERIA

• What is the purpose of
  the revised policies?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

Over the years, the Central Bank of Nigeria has issued several policies in response to differing market conditions. Over the years, the Central Bank of Nigeria has issued several policies in response to differing market conditions. With time, the different policies inadvertently created confusion in the minds of operators regarding which applies and which does not. With time, the different policies inadvertently created confusion in the minds of operators regarding which applies and which does not. It became necessary, therefore, to streamline the policies to provide clarity. It became necessary, therefore, to streamline the policies to provide clarity.

CENTRAL BANK OF NIGERIA
.....

CENTRAL BANK OF NIGERIA

The circular was addressed to banks, Other Financial Institutions, and the public. The circular was addressed to banks, Other Financial Institutions, and the public. Why was the public included? Why was the public included?

☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

When you look at the policies, you will discover that most of the matters raised affect customers and potential customers of banks and other financial institutions, who are members of the public. When you look at the policies, you will discover that most of the matters raised affect customers and potential customers of banks and other financial institutions, who are members of the public. It was, therefore, necessary to draw the attention of the public to the policies, as the citizenry will be affected by them. It was, therefore, necessary to draw the attention of the public to the policies, as the citizenry will be affected by them.

CENTRAL BANK OF NIGERIA
.....

Do these policies apply to all banks?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, they apply to all banks and other financial institutions that accept deposits from customers - commercial, merchant, non-interest, payment service, primary mortgage, and microfinance banks. Yes, they apply to all banks and other financial institutions that accept deposits from customers - commercial, merchant, non-interest, payment service, primary mortgage, and microfinance banks.

CENTRAL BANK OF NIGERIA
.....

Do banks need to report large deposits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, banks need to report on cash deposits, not just large deposits. Yes, banks need to report on cash deposits, not just large deposits.

1000
CENTRAL BANK OF
1000

1000
NIRAL BANK
1000

CENTRAL BANK OF NIGERE 1000

CENTRAS
1000

000L

000
KOFNIGERIA 1000

CENTRAL BAN
1000
CENTR
1000

100

CE
CENTRAL

2000
INTRA
CENTRAL

CENT
1000

CENT
1000

CENTRA
GER1000

1000
1009
BANK OF NIGERIA
.....

Are electronic deposits affected?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, electronic deposits are exempt from these limits and fees. No, electronic deposits are exempt from these limits and fees.

CENTRAL BANK OF NIGERIA
.....

Is there a limit on cash deposits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

500
CENTRAL BANK OF NIGERIA

No, there is no limit on cash deposits. No, there is no limit on cash deposits. Also, there is no processing fee for cash deposits. Also, there is no processing fee for cash deposits.

¥500
200

CENTRAL BANK OF N
1000
¥2.00

2022

Alhan Al
Ma-Boru
تیرا دبر
1000

ONE THOUSA
1000
1000
CENTRAL BANK OF NIGERIA
.....

What is the weekly withdrawal limit for individuals?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Individuals can withdraw up to #500,000 in cash per week across all channels. Individuals can withdraw up to #500,000 in cash per week across all channels. What this means is that banks and other financial institutions will aggregate cash withdrawals from different channels and will apply a fee when the total for the week exceeds #500,000. What this means is that banks and other financial institutions will aggregate cash withdrawals from different channels and will apply a fee when the total for the week exceeds #500,000.

CENTRAL BANK OF NIGERIA
.....

What is the weekly withdrawal limit for corporates?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Corporate entities can withdraw up to #5 million in cash per week across all channels. Corporate entities can withdraw up to #5 million in cash per week across all channels. This implies that banks and OFls will aggregate cash withdrawals by corporates from all channels and apply the set fee when the total for the week exceeds #5 million. This implies that banks and OFls will aggregate cash withdrawals by corporates from all channels and apply the set fee when the total for the week exceeds #5 million.

#500

2022

3
356600

¥2000

CENTRAL BANK OF NIGE
1000

#50
2022
¥1 ¥200

AA
356608

5
2022

0100000
#500

2022
356608

Gentral Bik
Of Nigeria
NEHOUSANI

Isong

SAND NAIRA

Central Bank #2
Of Nigeria
Iwo
Hundred Nairo
195708

Acentral Bank丼!
Of Nigeria
Ve

K OF NIGERIA
CENTRAL BANK OF
1000

AO
1000

356
CENTRAL BANK OF NIGERIA
.....

What happens if withdrawals exceed the limit?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Excess withdrawals attract a fee of 3% for individuals and 5% for corporates on the excess amount only. Excess withdrawals attract a fee of 3% for individuals and 5% for corporates on the excess amount only.

UV
COUNT
BATCH
ADD

#200

1500
Central Bank #200
Of Nigeria
Central Bank¥500 of Nigeria 975507

AA
15
Five
Avod Naira
CENTRAL BANK OF NIGERIA
1000

1000

2022

Alhaji Aliyu
MaiRorn

wintfam
Dr Cleme
DINOR
CENTRAL BANK OF NIGERIA
.....

Are these limits cumulative?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, limits are cumulative across all accounts and channels for each customer in a bank or OFI. Yes, limits are cumulative across all accounts and channels for each customer in a bank or OFI.

T
16
308
1000

THOUSAND NAIRA
20
OF NIGERIA
1000
NAIRA
1000

1000
Do these limits apply to
ATM withdrawals?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, ATM withdrawals count toward the weekly limit. Yes, ATM withdrawals count toward the weekly limit. In addition, there is a daily withdrawal limit of #100,000 from ATMs. In addition, there is a daily withdrawal limit of #100,000 from ATMs.

ATM
CENTRAL BANK OF NIGERIA
.....

I have money in my
Mobile Money Operators
(MMO) wallet. I have money in my Mobile Money Operators (MMO) wallet. Can I withdraw this money at the MMO's office counter? Can I withdraw this money at the MMO's office counter?

☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, MMOs ordinarily are not allowed to pay cash across the counter. No, MMOs ordinarily are not allowed to pay cash across the counter.

CENTRAL BANK OF NIGERIA
.....

Can customers request higher limits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, customers need not apply for higher limits. No, customers need not apply for higher limits. The limits are standardised for all customers, depending on whether they are individuals or corporates. The limits are standardised for all customers, depending on whether they are individuals or corporates.

CENTRAL DA
100
2014
#200
#500

CENTRAD

Centen
CENTRAL BANK OF NIGERIA
1000

2016

Alhaji Aliyto
Mai-Bornu

نیرا دیو

Dr Clement
Isong

ONE THOUSAND NAIRA
CENTRAL BANK OF NIGERIA

• What is the daily
  ATM/POS withdrawal limit?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

The daily ATM withdrawal limit is #100,000 per card/account. The daily ATM withdrawal limit is #100,000 per card/account.

200 دیگری پیو
200

2000

1300
CENTRAL BANK OF NIGERIA
.....

Can an individual withdraw more than #100,000 from a bank/OFI?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, an individual can withdraw more than #100,000 across the bank's counter per day. Yes, an individual can withdraw more than #100,000 across the bank's counter per day.

MHH
DOOL
53001 CENT

1000
OF NIGERIA 1000

E
450 1000
CENTRAL BANK OF NIGERIA
.....

Can a customer withdraw more than #100,000 from an ATM/POS?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

00
005
CENTRAL BANK OF NIGERIA

No, banks and OFIs have been directed to implement a limit of N100,000 on their ATM/PoS withdrawal transactions. No, banks and OFIs have been directed to implement a limit of N100,000 on their ATM/PoS withdrawal transactions.

OW
SPOSTE
CODE BOY #500

OOSU

BO 1500

COSY BOY #200

#20O

808e50

caus Fur 200
CHILL ROM 200

1500
CENTRAL BANK OF

POSTE
NIGERIA

OLVA

00

1000
0001

400

1000
.....

Are ATM/POS withdrawals included in the weekly limit?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, ATM/PoS withdrawals count toward the weekly withdrawal limit. Yes, ATM/PoS withdrawals count toward the weekly withdrawal limit.

2022
#500

3
35660

¥2000

CENTRAL BANK OF NIGE
1000
#50
2022

¥1 ¥200
AA
356608

5
2022

0100000
#500

2022
356608

Gentral Bik
Of Nigeria
NEHOUSANI

Isong

SAND NAIRA

Central Bank #2
Of Nigeria
Iwo
Hundred Nairo
195708

Acentral Bank丼!
Of Nigeria
Ve

K OF NIGERIA
CENTRAL BANK OF
1000

AO
1000

356
CENTRAL

BANK
OF
NIGERIA
.....

Do these limits apply to foreign currency withdrawals?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, the limits do not apply to foreign currency withdrawals. No, the limits do not apply to foreign currency withdrawals. However, the limit applies to local currency (Naira) withdrawal using a foreign card. However, the limit applies to local currency (Naira) withdrawal using a foreign card.

FRANKLIN

ONE BIN
TING

01
100

08490
ANK NEGARA MALAYSIA

SULTAN

1

Zeta Asi
GABENOR
CENTRAL BANK OF NIGERIA
.....

How are excess withdrawal fees calculated?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Fees are calculated as a percentage of the excess over the prescribed limit. Fees are calculated as a percentage of the excess over the prescribed limit. For instance, if an individual withdraws a total of 700,000 in a week, the person has exceeded the weekly limit of 500,000 by #200,000. For instance, if an individual withdraws a total of 700,000 in a week, the person has exceeded the weekly limit of 500,000 by #200,000. With a processing fee of 3%, the individual will be charged #6,000 only. With a processing fee of 3%, the individual will be charged #6,000 only.

CENTRAL BANK OF NIGERIA
.....

Are withdrawal fees refundable?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, excess withdrawal fees are non-refundable. No, excess withdrawal fees are non-refundable.

CENTRAL BANK OF NIGERIA
.....

Are there fees for ATM withdrawals?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, standard ATM transaction charges apply, in line with the CBN Circular on the Review of ATM Transaction Fees dated 10 February 2025, reference FPRD/DIR/GEN/CIR/001/002. Yes, standard ATM transaction charges apply, in line with the CBN Circular on the Review of ATM Transaction Fees dated 10 February 2025, reference FPRD/DIR/GEN/CIR/001/002.

a

ATM

3
0000 0000 0000 0000
2
CENTRAL BANK OF NIGERIA
.....

Do customers need to provide additional documentation for transactions exceeding the limits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, customers are not required to submit any documentation or justification when carrying out transactions that exceed the prescribed limits; however, the applicable excess withdrawal charges will apply. No, customers are not required to submit any documentation or justification when carrying out transactions that exceed the prescribed limits; however, the applicable excess withdrawal charges will apply.

CENTRAL BANK OF NIGERIA
.....

Is there a limit on cheque encashment?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, cheque encashment is subject to the same daily and weekly withdrawal limits. Yes, cheque encashment is subject to the same daily and weekly withdrawal limits.

CHECK

--

• we
  CENTRAL BANK OF NIGERIA
  .....

Can cheques be cashed over the counter?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, but amounts above the limit attract excess withdrawal fees. Yes, but amounts above the limit attract excess withdrawal fees.

BANK
CENTRAL BANK OF NIGERIA

• Are third-party cheques
  allowed?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, but there is a limit of 100,000 for cash withdrawal at the counter. Yes, but there is a limit of 100,000 for cash withdrawal at the counter. So, if anyone presents you with a cheque of an amount higher than #100,000, you will need to pay the cheque into your account, as you will not be able to cash it. So, if anyone presents you with a cheque of an amount higher than #100,000, you will need to pay the cheque into your account, as you will not be able to cash it.

CENTRAL BANK OF NIGERIA
.....

Are corporate cheques issued to third parties treated differently?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, corporate cheques are subject to the same rules as individual cheques issued to third parties. No, corporate cheques are subject to the same rules as individual cheques issued to third parties.

T
16
308
1000

THOUSAND NAIRA
20
OF NIGERIA
1000
NAIRA
1000

1000
Can a corporate customer draw cheques higher than #100,000 at the counter for its own use?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, corporates can draw up to #5 million weekly in cash from their bank/OFI. Yes, corporates can draw up to #5 million weekly in cash from their bank/OFI.

CENTRAL

BANK OF NIGERIA
.....

What are banks' reporting obligations?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Routinely, banks and OFls have reporting obligations to the CBN and other relevant agencies of government. Routinely, banks and OFls have reporting obligations to the CBN and other relevant agencies of government. Such reporting obligations include, but are not limited to, cash withdrawal transactions exceeding the prescribed limits, cash deposits, and processing fees charged. Such reporting obligations include, but are not limited to, cash withdrawal transactions exceeding the prescribed limits, cash deposits, and processing fees charged.

CENTRAL BANK OF NIGERIA
.....

Do banks/OFI need to maintain transaction logs?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, banks/OFIs maintain detailed logs for audit and compliance purposes. Yes, banks/OFIs maintain detailed logs for audit and compliance purposes.

COMPLIANCE
COMPLIANCE

COMPLIANCE
CENTRAL BANK OF NIGERIA
.....

Are government transactions exempt from the prescribed cash limits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, transactions involving certain government accounts (essentially revenue-generating accounts of federal, state, and local governments) are exempt from these limits. Yes, transactions involving certain government accounts (essentially revenue-generating accounts of federal, state, and local governments) are exempt from these limits.

CENTRAL BANK OF NIGERIA
.....

Are religious organisations exempt?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

No, religious organisations are not exempt.
No, religious organisations are not exempt.

CENTRAL BANK OF NIGERIA
CENTRAL BANK OF NIGERIA
.....

Can customers apply for exemptions?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

No, the policies did not make provision for customers to apply for an exemption. No, the policies did not make provision for customers to apply for an exemption.

T
16
308
1000

THOUSAND NAIRA
20
OF NIGERIA
1000
NAIRA
1000

1000
Do the policies exempt microfinance banks and primary mortgage banks from the prescribed cash withdrawal limits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes. Yes.
Microfinance banks and primary mortgage banksare exempt solely for the purpose of sourcing their operational cash from correspondent banks. Microfinance banks and primary mortgage banksare exempt solely for the purpose of sourcing their operational cash from correspondent banks. However, their customers are not exempt and are subject to the prescribed cash-withdrawal limits. However, their customers are not exempt and are subject to the prescribed cash-withdrawal limits.

BANK
CENTRAL BANK OF NIGERIA

• Does a bank/OFI have
  the discretion to reduce the prescribed limits?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

The CBN does not expect banks/OFls to alter the prescribed cash withdrawal limits at their discretion. The CBN does not expect banks/OFls to alter the prescribed cash withdrawal limits at their discretion. However, in the unlikely event that a bank/OFI does not have sufficient cash available, such a bank may temporarily reduce the prescribed limits and submit a report of such decisions to the Director Currency Operations and Branch Management Department, with a copy to its supervisory department in the CBN. However, in the unlikely event that a bank/OFI does not have sufficient cash available, such a bank may temporarily reduce the prescribed limits and submit a report of such decisions to the Director Currency Operations and Branch Management Department, with a copy to its supervisory department in the CBN.

CENTRAL BANK OF NIGERIA
.....

What is the role of banks/OFIs in enforcement?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Banks are to implement the policies by setting limits in their systems, monitoring compliance, making relevant reports, and collecting fees for withdrawals above the set limits. Banks are to implement the policies by setting limits in their systems, monitoring compliance, making relevant reports, and collecting fees for withdrawals above the set limits.

CENTRAL BANK OF NIGERIA
.....

Will these policies be reviewed periodically?

CENTRAL BANK OF NIGERIA
☑ @cenbank f@cenbankng @cenbank in Central Bank of Nigeria @centralbankng

CENTRAL BANK OF NIGERIA

Yes, the CBN may review the policies periodically to reflect changes in the economy. Yes, the CBN may review the policies periodically to reflect changes in the economy.

CENTRAL BANK OF NIGERIA