Customers To Pay For More Cash Withdrawals - CBN

In an effort to reform financial sector of Nigeria's economy, the Central Bank of Nigeria, CBN has scaled up monetary policy to keep the commercial banks and their customers in proper check for actualizing the objective.

The CBN's latest monetary circular has reminded that from January 2026, customers who withdraw more cash than the weekly allowed limits must pay for extra charges on those transactions.

According to the apex bank, the policy targeted reduction in the rising cost of managing physical cash in circulation.

CBN said, the policy previously addressed security concerns like money laundering as well as set targets for actualizing the country's need to embrace electronic financial payment system would be pursued for a more robust and result given determination.

According to CBN, individuals who withdraw more than five hundred thousand naira every week will pay a 3% fee while corporate customers taking out the sum of five million naira will pay 5%.

Details of the policy provide that previously, it permitted no withdrawals above set limit but also that the current initiative allows customers to exceed the threshold if they consented to pay the relevant fees so charged.

The situation in vogue has not affected transactions at ATM teller points, pegging the sum of one hundred thousand naira only on everyday transactions.

On a related development, the apex bank disclosed that the policy which gave the special authorization to both individual and corporate customers for withdrawals of five million and ten million naira respectively once in a month has now been scrapped!

On the part of the commercial banks, the rule says, the banks must submit monthly returns on deposits and withdrawals of large sums concerning their customers.

The CBN added that the banks would keep separate accounts for accessing the fees charged on those transactions.