The Central Bank of Nigeria (CBN) has announced a significant upward review of cash withdrawal limits for individuals and corporate account holders, marking one of the most notable adjustments to its cash-management policy in recent years.
In a circular released on Tuesday, the apex bank stated that individuals can now withdraw up to N500,000 weekly, while corporate organisations are permitted a maximum of N5 million per week.
This represents a considerable expansion of the limits introduced under the earlier cashless policy framework, which had faced criticism from stakeholders who argued that the caps were too restrictive for both business and personal transactions.
A key highlight of the revised framework is the adjustment of automated teller machine (ATM) withdrawal limits. The CBN pegged the new daily ATM withdrawal limit at N100,000, with a cumulative cap of N500,000 per week. This is expected to reduce the bottlenecks experienced by customers who rely heavily on ATMs for their everyday cash needs.
According to the CBN, the policy review is aimed at balancing financial inclusion, cash availability, and the need to maintain oversight over large cash movements. The regulator emphasized that despite the expanded limits, banks must continue to adhere to existing reporting requirements, including the documentation and monitoring of unusually large or suspicious cash withdrawals.
Industry analysts say the move could ease pressure on cash-dependent sectors of the economy while offering greater flexibility for individuals who require higher cash volumes for personal or business purposes.
Some observers also believe the adjustment may improve public confidence in the banking system, especially in rural and semi-urban areas where digital payment adoption remains limited.
Banks are expected to immediately communicate the new limits to customers and adjust their ATM configurations and internal processes to comply with the directive.
Further clarifications, stakeholder reactions, and implementation details are anticipated in the coming days.