CBN Increases ATM Withdrawal Limit to N100k Daily

The Central Bank of Nigeria (CBN) has announced a major update to its cash withdrawal policy, raising the daily limit for automated teller machine (ATM) withdrawals to N100,000. The change, disclosed in a circular issued on Tuesday, is part of a broader review aimed at easing access to cash for Nigerians.

Under the revised guidelines, individuals can now withdraw up to N500,000 weekly, while corporate organisations are allowed up to N5 million. The CBN said the adjustments were made after considering feedback from stakeholders who raised concerns about the difficulties posed by earlier, more restrictive limits.

The regulator noted that the new ATM withdrawal ceiling will work alongside the updated weekly limits, ensuring that customers who rely heavily on ATMs—especially in areas with limited digital payment infrastructure—have improved access to physical cash. The policy is also expected to reduce pressure on banking halls and point-of-sale terminals.

While reaffirming its commitment to advancing a cashless economy, the CBN explained that the latest revision is intended to strike a balance between encouraging electronic payments and ensuring flexibility for individuals and businesses that still depend on cash transactions.

Banks have been directed to begin implementing the new limits immediately and communicate the changes to their customers. The revised policy is expected to provide significant relief to Nigerians and support smoother financial operations nationwide.