Nigeria limits cash withdrawals to curb money laundering
Nigeria’s central bank announced strict new cash withdrawal limits to reduce cash dependency and tackle security and money-laundering risks. The measures will take effect on January 1, 2026.
Individuals will be limited to weekly withdrawals of 500,000 naira, while corporates can withdraw up to 5 million naira. Withdrawals above these thresholds will incur fees of 3% for individuals and 5% for businesses. Special authorizations for larger withdrawals have been removed, along with exemptions for embassies and donor agencies. Government revenue accounts and certain financial institutions remain exempt, News.Az reports, citing Reuters.
The Central Bank of Nigeria (CBN) said the policy aims to moderate cash management costs, improve security, and reduce opportunities for illicit money flows. Banks are required to report transactions exceeding the limits and maintain separate records of any charges collected.
This step continues Nigeria’s long-term push toward a cashless economy, following years of policy adjustments and enforcement efforts. In October, Nigeria and South Africa were removed from the Financial Action Task Force’s list of countries under increased monitoring for illicit financial activities.
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