The Central Bank of Nigeria has scrapped all charges and limits on cash deposits into bank accounts. It also raised weekly cash withdrawal limits to ₦500,000 for individuals and ₦5 million for corporate entities—up from the previous ₦100,000 and ₦500,000 caps. Daily ATM withdrawal limits have also been increased to ₦100,000.
According to the CBN, the policy shift is driven by rising cash-handling costs, security concerns, and heightened money-laundering risks, all occurring amid high inflation and the challenges posed by earlier moves to push electronic payments.
Withdrawals above the new limits will attract processing fees of 3% for individuals and 5% for corporate bodies, though certain government accounts remain exempt from the charges.
