CBN STOPS DEPOSITS LIMIT, INCREASES WEEKLY WITHDRAWAL

The Central Bank of Nigeria (CBN) has increased the weekly withdrawal limit across all platforms to ₦500,000, up from the previous limit of ₦100,000. The apex bank also announced a major policy shift eliminating the cap on cash deposits.

The new directives were communicated through a circular issued to financial institutions and signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike.

According to the CBN, the revised cash-handling policies are part of ongoing efforts to reduce the rising cost of managing physical currency, address security risks, and curb money-laundering threats associated with the country’s heavy reliance on cash transactions.

The bank noted that the adjustments are aimed at strengthening financial stability, improving regulatory efficiency, and promoting safer, more traceable financial practices across the economy.