If you have tried to withdraw a large amount of cash from your bank recently, you may have noticed that the rules surrounding cash withdrawals in Nigeria are not the same as they used to be.
The Central Bank of Nigeria (CBN) introduced revised cash-related policies that changed the amount individuals and businesses can withdraw in cash within a week. The new rules apply across banks and other deposit-taking financial institutions in Nigeria.
One important thing to understand is that the CBN does not have just one withdrawal limit that applies to every situation. There is a weekly cumulative limit, while ATM and POS transactions also have a daily transaction limit.
So, how much cash can you actually withdraw from your bank, ATM or POS?
Under the revised CBN policy, an individual can withdraw up to ₦500,000 in cash per week across all channels, while a corporate customer can withdraw up to ₦5 million per week. ATM and POS withdrawals also count towards the weekly limit. In addition, ATM and POS cash withdrawals are subject to a ₦100,000 daily limit.
This article explains the CBN cash withdrawal limits in simple terms, including what happens when you withdraw more than the prescribed amount.
CBN Cash Withdrawal Limits at a Glance
Here is the easiest way to understand the current limits:
| Type of withdrawal | Individual | Corporate |
|---|---|---|
| Weekly cash withdrawal limit | ₦500,000 | ₦5,000,000 |
| ATM daily cash withdrawal limit | ₦100,000 | Subject to applicable rules |
| POS daily cash withdrawal limit | ₦100,000 | Subject to applicable rules |
| Weekly limit across all channels | ₦500,000 | ₦5,000,000 |
| Excess withdrawal fee | 3% | 5% |
The most important point is that the ₦500,000 and ₦5 million limits are cumulative weekly limits across channels. You cannot treat your ATM withdrawal, POS withdrawal and bank-counter withdrawal as completely separate allowances.
What Is the CBN Cash Withdrawal Limit for Individuals?
For individuals, the CBN cash withdrawal limit is ₦500,000 per week across all channels.
This means that if you withdraw cash from your bank branch, ATM and POS during the same week, those cash withdrawals are aggregated for the purpose of the weekly limit.
For example, if you withdraw:
- ₦100,000 from an ATM
- ₦100,000 from a POS
- ₦200,000 from a bank counter
you have withdrawn ₦400,000 in cash during the week.
You would have ₦100,000 remaining before reaching the ₦500,000 weekly limit.
The CBN specifically says the limits are cumulative across accounts and channels for each customer in a bank or other financial institution.
What Is the CBN Cash Withdrawal Limit for Companies?
Corporate customers have a higher weekly cash withdrawal limit.
A corporate customer can withdraw up to ₦5 million in cash per week across all channels.
The same aggregation principle applies. Cash withdrawals made through different channels are counted towards the corporate customer’s cumulative weekly limit.
So, a company cannot assume that it has ₦5 million available at the bank counter and another ₦5 million available through ATMs. The withdrawals are subject to the cumulative weekly limit.
What Is the Daily ATM Withdrawal Limit?
The CBN has set a ₦100,000 daily cash withdrawal limit for ATM withdrawals.
This means an individual cannot simply go to an ATM and withdraw ₦500,000 in one day because the weekly individual limit is ₦500,000.
The weekly limit and daily ATM limit are two different rules.
The weekly limit for an individual is ₦500,000, but the ATM daily limit is ₦100,000.
For example, if you withdraw ₦100,000 from an ATM today, that ₦100,000 also counts towards your ₦500,000 weekly cash withdrawal limit.
What Is the POS Cash Withdrawal Limit?
The CBN also limits cash withdrawals through POS terminals to ₦100,000 per day.
POS cash withdrawals are not outside the CBN’s weekly cash withdrawal calculation.
This means that if you withdraw ₦100,000 from a POS terminal, that amount counts towards your cumulative weekly cash withdrawal limit.
For an individual, withdrawing ₦100,000 through POS does not give you another ₦500,000 allowance at the bank branch. It is already part of your weekly cash withdrawal activity.
The CBN’s FAQ specifically confirms that ATM and POS withdrawals count towards the weekly withdrawal limit.
Can I Withdraw More Than ₦100,000 From a Bank?
Yes.
The ₦100,000 limit should not be misunderstood as a universal daily limit for every type of bank withdrawal.
The CBN FAQ states that an individual can withdraw more than ₦100,000 over the counter at a bank or other financial institution per day.
However, the person’s total cash withdrawals remain subject to the ₦500,000 weekly cumulative limit, after which the applicable excess withdrawal charge applies.
So, for example, withdrawing ₦200,000 over the counter is different from withdrawing ₦200,000 from an ATM or POS.
The ATM/POS transaction limit is ₦100,000 per day, while over-the-counter withdrawals can exceed ₦100,000, subject to the weekly cumulative rules.
Can I Withdraw ₦500,000 From an ATM?
No.
Although an individual has a weekly cash withdrawal limit of ₦500,000, the ATM cash withdrawal limit is ₦100,000 per day.
Therefore, you cannot withdraw the entire ₦500,000 from an ATM in one transaction or on one day.
The ₦500,000 is the cumulative amount you can withdraw in cash across the week before the excess withdrawal fee becomes applicable.
Can I Withdraw ₦500,000 From the Bank Counter?
Yes, an individual can withdraw up to the ₦500,000 weekly limit through cash withdrawal transactions, subject to the applicable bank procedures.
The CBN does not impose the same ₦100,000 daily transaction cap on over-the-counter withdrawals that it imposes on ATM/POS withdrawals.
However, once your total cash withdrawals across the relevant channels exceed ₦500,000 during the week, the excess amount becomes subject to the prescribed excess withdrawal fee.
What Happens If I Withdraw More Than ₦500,000 in a Week?
This is one of the most important parts of the revised policy.
Going above ₦500,000 does not mean the money automatically disappears from your account or that the bank must permanently block the transaction.
Instead, the CBN provides for an excess withdrawal fee on the amount above the prescribed weekly limit.
For individuals, the excess withdrawal fee is 3% of the amount above ₦500,000.
For corporate customers, the excess withdrawal fee is 5% of the amount above ₦5 million.
Example of the 3% Excess Withdrawal Fee
Suppose an individual withdraws a total of ₦700,000 in cash during the week.
The normal weekly limit is ₦500,000.
The excess is:
₦700,000 – ₦500,000 = ₦200,000
The excess withdrawal fee is 3% of ₦200,000:
3% × ₦200,000 = ₦6,000
Therefore, the applicable excess withdrawal fee would be ₦6,000.
The CBN’s own FAQ gives this same type of example and states that the fee is calculated only on the excess amount, not on the entire withdrawal.
What Happens If a Company Withdraws More Than ₦5 Million?
The same principle applies to corporate customers.
The weekly corporate cash withdrawal limit is ₦5 million.
If a company withdraws ₦7 million in cash during the week, the excess is:
₦7 million – ₦5 million = ₦2 million
The excess withdrawal fee is 5% of ₦2 million:
5% × ₦2 million = ₦100,000
The applicable fee would therefore be ₦100,000 on the excess amount.
Does ATM Withdrawal Count Towards the ₦500,000 Weekly Limit?
Yes.
This is important because some people may think the ATM has a separate allowance from the bank account.
It does not.
The CBN says ATM withdrawals count towards the weekly cash withdrawal limit.
For example:
If you withdraw ₦100,000 from an ATM and later withdraw ₦400,000 from the bank counter, you have reached ₦500,000 in cumulative cash withdrawals for the week.
The two withdrawals are not treated as completely separate allowances.
Does POS Withdrawal Count Towards the Weekly Limit?
Yes.
POS cash withdrawals also count towards the weekly withdrawal limit.
For example, an individual who withdraws:
- ₦100,000 from an ATM
- ₦100,000 from a POS
- ₦300,000 from a bank branch
has withdrawn ₦500,000 in total cash for the week.
The person’s cumulative weekly limit has therefore been reached.
Are ATM, POS and Bank Withdrawals Combined?
Yes.
The CBN describes the weekly withdrawal limits as cumulative across all channels.
This means you should not calculate your available cash withdrawal limit separately for each channel.
Your cash withdrawal activity through the available channels contributes to the cumulative weekly amount.
Simple Example
Imagine you have withdrawn the following during a week:
| Channel | Amount |
|---|---|
| ATM | ₦100,000 |
| POS | ₦100,000 |
| Bank branch | ₦150,000 |
| Another bank withdrawal | ₦50,000 |
| Total | ₦400,000 |
You have withdrawn ₦400,000.
That leaves ₦100,000 before reaching the ₦500,000 individual weekly limit.
Is There a Limit on Cash Deposits?
No.
This is another major change that people should know about.
The revised CBN policy removed the cumulative limit on cash deposits, and the previous fee for excess cash deposits was also removed.
Therefore, the withdrawal limit should not be confused with a cash-deposit limit.
The CBN says there is currently no limit on cash deposits, and there is no processing fee for cash deposits under this revised policy.
However, banks still have reporting obligations concerning cash deposits. Removing the cumulative deposit limit does not mean banks are exempt from their regulatory reporting responsibilities.
Can I Transfer Money Electronically Without This Cash Limit?
Yes.
The CBN’s revised cash policy concerns cash withdrawals.
Electronic transactions are different from physically withdrawing cash.
The CBN FAQ states that electronic deposits are exempt from the cash-deposit limits and fees.
So if you need to move a large amount of money and do not actually need physical cash, electronic transfers can be an alternative to withdrawing the money in cash.
The applicable transfer limits, bank limits and payment-system rules are separate matters.
Can I Withdraw Foreign Currency Under the ₦500,000 Limit?
The CBN says the cash withdrawal limits do not apply to foreign-currency withdrawals.
However, the limit applies to Naira withdrawals made using a foreign card.
This distinction is important because the CBN’s cash withdrawal policy is not simply a blanket limit on every currency transaction.
Can Customers Apply for a Higher Withdrawal Limit?
No.
Customers do not need to apply for a special higher withdrawal limit under the revised policy.
The CBN FAQ states that the limits are standardised for customers according to whether they are individuals or corporate customers.
This is different from the previous system under which special authorisation existed for larger monthly cash withdrawals.
What Happened to the Old ₦5 Million and ₦10 Million Special Withdrawal Authorisation?
The CBN removed the previous special authorisation that allowed individuals to withdraw up to ₦5 million once a month and corporates up to ₦10 million once a month, subject to the earlier rules.
That special authorisation no longer applies under the revised cash-related policy.
Instead, the current framework uses the cumulative weekly limits of:
- ₦500,000 for individuals
- ₦5 million for corporates
with excess withdrawal charges applying when those limits are exceeded.
Does the CBN Cash Withdrawal Limit Apply to All Banks?
Yes.
The revised policy applies nationwide to deposit-taking financial institutions.
The CBN FAQ specifically states that the policy applies to commercial banks, merchant banks, non-interest banks, payment service banks, primary mortgage banks and microfinance banks that accept deposits from customers.
This means the policy is not designed for only one particular commercial bank.
What About Cheque Withdrawals?
Cheque encashment is also subject to the cash withdrawal rules.
The CBN FAQ states that cheque encashment is subject to the same daily and weekly withdrawal limits.
Cheques can still be cashed over the counter, but amounts above the applicable limits attract the relevant excess withdrawal fees.
Do I Need to Provide Extra Documents If I Exceed the Limit?
The CBN says customers are not required to submit additional documentation or justification simply because a transaction exceeds the prescribed withdrawal limit.
However, the applicable excess withdrawal charges still apply.
This is separate from the normal identification, account-verification, anti-money-laundering and other requirements that a bank may have for transactions.
Are Excess Withdrawal Fees Refundable?
No.
The CBN FAQ states that excess withdrawal fees are non-refundable.
This is why customers who regularly need large amounts of physical cash should understand the cumulative weekly limit before making several withdrawals through different channels.
Are ATM Withdrawal Charges Separate From the CBN Excess Withdrawal Fee?
Yes.
The excess withdrawal fee and ordinary ATM transaction charges are not the same thing.
The CBN’s revised cash policy provides for excess withdrawal charges when the cumulative cash withdrawal limit is exceeded.
Separately, the CBN has rules governing ATM transaction fees. The revised cash-policy FAQ notes that standard ATM transaction charges apply in line with the CBN’s ATM transaction-fee circular.
Therefore, customers should not assume that the 3% excess withdrawal fee is an ATM fee.
They are separate charges.
CBN Cash Withdrawal Limits Compared
Here is the complete picture in one table:
| Question | Current rule |
|---|---|
| Individual weekly cash withdrawal | ₦500,000 |
| Corporate weekly cash withdrawal | ₦5 million |
| ATM daily cash withdrawal | ₦100,000 |
| POS daily cash withdrawal | ₦100,000 |
| ATM withdrawals count toward weekly limit | Yes |
| POS withdrawals count toward weekly limit | Yes |
| Bank-counter withdrawal | Can exceed ₦100,000 daily, subject to weekly limit |
| Individual excess withdrawal fee | 3% of excess |
| Corporate excess withdrawal fee | 5% of excess |
| Cash deposit limit | No cumulative limit |
| Fee for excess cash deposit | Removed |
| Special ₦5m/₦10m monthly authorisation | Removed |
| Foreign-currency cash withdrawal | Not covered by the Naira withdrawal limit |
| Naira withdrawal using a foreign card | Covered by the limit |
These rules are based on the CBN’s revised cash-related policies and accompanying FAQ.
Why the CBN Changed the Cash Withdrawal Rules
The CBN said the revised policies were introduced to streamline previous cash-related policies and reflect current realities.
The central bank also identified the cost of cash management, security concerns and money-laundering risks associated with heavy reliance on cash as reasons for the policy framework.
At the same time, the CBN removed the cumulative limit and excess-deposit fee for cash deposits, while maintaining restrictions around cash withdrawals.
The practical effect is that customers can deposit cash without the former cumulative deposit ceiling, but cash withdrawals remain subject to cumulative limits and applicable excess-withdrawal charges.
What This Means for Bank Customers
For most people, the easiest way to understand the policy is this:
You can withdraw up to ₦500,000 in cash per week as an individual without entering the excess-withdrawal regime.
But you cannot withdraw ₦500,000 from an ATM in one day because ATM cash withdrawals are limited to ₦100,000 per day.
You can also use a POS terminal for cash withdrawal, but the ₦100,000 daily POS limit applies, and the amount withdrawn counts towards your weekly limit.
If you need more than ₦500,000 in physical cash within a week, the CBN framework provides for the withdrawal with an applicable 3% fee on the excess amount for individuals.
For companies, the corresponding weekly limit is ₦5 million, with a 5% fee on the excess.
Frequently Asked Questions About CBN Cash Withdrawal Limits
What is the CBN cash withdrawal limit for individuals?
The CBN cash withdrawal limit for an individual is ₦500,000 per week across all channels.
What is the CBN cash withdrawal limit for companies?
Corporate customers can withdraw up to ₦5 million in cash per week across all channels.
How much can I withdraw from an ATM per day?
The daily ATM cash withdrawal limit is ₦100,000.
How much can I withdraw from POS per day?
The CBN’s revised policy sets a ₦100,000 daily cash withdrawal limit for POS transactions.
Can I withdraw ₦500,000 from an ATM in one day?
No. The ATM daily limit is ₦100,000. The ₦500,000 figure is the individual’s cumulative weekly cash withdrawal limit.
Can I withdraw more than ₦100,000 from a bank counter?
Yes. The ₦100,000 daily limit applies to ATM/POS withdrawals. Over-the-counter withdrawals can exceed ₦100,000, subject to the cumulative weekly limit and applicable charges.
Does POS withdrawal count towards the ₦500,000 limit?
Yes. POS cash withdrawals count towards the individual’s cumulative weekly withdrawal limit.
Does ATM withdrawal count towards the weekly limit?
Yes. ATM withdrawals count towards the weekly limit.
What is the excess withdrawal fee for individuals?
Individuals pay 3% of the amount above the ₦500,000 weekly limit.
What is the excess withdrawal fee for companies?
Corporate customers pay 5% of the amount above the ₦5 million weekly limit.
Is there still a cash deposit limit in Nigeria?
No. The CBN removed the cumulative cash deposit limit and the associated excess-deposit fee.
Can I withdraw foreign currency?
The CBN states that the revised limits do not apply to foreign-currency withdrawals. The limit does apply to Naira withdrawals made using a foreign card.
Do I need special approval to withdraw more than the weekly limit?
No special application is required under the revised policy. However, the applicable excess withdrawal fee applies when the prescribed limit is exceeded.
Conclusion
The current CBN cash withdrawal policy is easier to understand when the different limits are separated.
For an individual, the main figure is ₦500,000 per week across all cash withdrawal channels.
For a corporate customer, it is ₦5 million per week.
ATM and POS withdrawals have an additional ₦100,000 daily limit, and those withdrawals still count towards the weekly limit.
If an individual exceeds the ₦500,000 weekly limit, the excess amount attracts a 3% charge. For corporate customers, the charge is 5% on the excess amount.
At the same time, the CBN has removed the cumulative limit on cash deposits and the former excess-deposit fee.
These rules took effect nationwide from January 1, 2026, and the CBN says they apply to deposit-taking financial institutions across Nigeria.