ABUJA—The Central Bank of Nigeria (CBN) has announced significant revisions to its cash-related policies, effective January 1, 2026. These changes signal a renewed push towards a cashless society by moderating cash management costs, curbing illicit financial flows, and streamlining the withdrawal process.
The most notable change is the elimination of the cumbersome “special authorization” requirement for large cash withdrawals, although the existing weekly withdrawal limits remain in place.
Key Policy Revisions Starting January 2026
The revised circular issued by the CBN introduces several key updates that will govern cash transactions across all channels—including banks, ATMs, and PoS agents.
1. End of Special Authorisation
The CBN has ended the requirement for customers making exceptional cash withdrawals (above the standard weekly limits) to obtain written approval from the MD/CEO of the financial institution.
This move simplifies the process for legitimate large transactions, removing a major bureaucratic bottleneck. However, the existing processing fees and documentation requirements for excess withdrawals remain.
2. Weekly Withdrawal Limits Confirmed
The established maximum weekly cash withdrawal limits across all channels (ATM, OTC, PoS) remain unchanged:
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Individuals: ₦500,000 per week.
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Corporate Organisations: ₦5,000,000 per week.
3. Excess Withdrawal Fees and Documentation
For compelling circumstances where cash withdrawal above the weekly limit is required, customers must still comply with the following:
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Processing Fees: 3% for individuals and 5% for corporate organizations.
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Required Documentation: Valid ID (National ID, Passport, or Driver’s License), BVN of the payee, and TIN of both payee and payer must still be provided and uploaded to the CBN portal.
4. Deposit Limits Removed
In a measure designed to ease pressure on businesses, the new policy includes the removal of deposit limits and associated fees that had previously been enforced.
The Rationale: Moderating Costs and Security
These revisions are the latest step in the CBN’s “Cash-less Nigeria” policy, which aims to reduce the volume of physical cash circulating in the economy.
The removal of special authorization is expected to improve efficiency for banks and customers alike, while the continuity of the strict weekly limits and excess fees is intended to maintain control over cash flow, reduce the risks of money laundering, and compel greater adoption of electronic payment channels (internet banking, mobile apps, USSD, eNaira, etc.).
Financial institutions are strictly directed to comply with the new rules and are warned that aiding and abetting the circumvention of this policy will attract severe sanctions.
