Central Bank of Nigeria don announce big changes for how dem dey manage cash on Wednesday.

Dem don set stricter withdrawal limits and dem don scrap fees wey dey on excess deposits, everything na to reduce people wey depend on cash and to tackle security and money-laundering risks.

From January 1, 2026, person go fit withdraw up to 500,000 naira in total for one week, and companies go fit withdraw up to 5 million naira, Central Bank of Nigeria talk for circular wey dem send banks and financial institutions.

Any withdrawal wey pass these limits go attract charge — 3% for individuals and 5% for companies.

Di move na the latest step for Nigeria wey don long dey push make economy turn cashless economy, after years of policy adjustments and problems to enforce dem.

Cost of cash management

“Di measures dey aim to moderate di rising cost to manage cash, address security concerns and reduce di potential for money laundering," CBN talk.

For October, Nigeria and South Africa — di two biggest economies for Sub-Saharan Africa — comot from the Paris-based Financial Action Task Force (FATF) list of countries wey dem dey monitor more for illicit money flows.

Special permission wey allow large monthly withdrawals of 5 million naira for individuals and 10 million naira for companies don scrap, and exemptions wey embassies and donor agencies dey enjoy don comot. But government revenue accounts and some financial institutions go still remain exempt.

Banks gats report transactions wey pass the limits and dem gats keep separate ledgers for the charges wey dem collect, the circular add.