From January 1st, 2026, Nigerians will face strict weekly cash-withdrawal limits and heavy penalties for exceeding them. The era of cash-heavy transactions is ending — digital money, tracking, and transparency have officially taken over.
Let me tell you something that will shock you
Starting January 1st, 2026, the way Nigerians withdraw money will never remain the same.
And if you don’t understand what is happening, you may wake up one morning and discover that your money is in the bank, but your hands cannot reach it.
Now sit down, let me explain this thing like someone teaching their grandmother under a mango tree.
WHAT EXACTLY DID CBN CHANGE?
Before now, if you wanted to withdraw big money
Individuals: ₦5 million once a month
Companies: ₦10 million once a month
you could simply apply through “special authorisation.”
CBN has cancelled that. Completely.
Now here’s the NEW RULE starting January 1st, 2026
Individuals: ₦500,000 per week (total from all banks & channels)
Anything above this will attract 3% penalty fee
Companies: ₦5 million per week
Anything above this will attract 5% penalty fee
ATM withdrawals: ₦100,000 per day (max ₦500,000 per week)
This means if you like, have ₦100 million in your account…
You still cannot touch more than ₦500,000 weekly without paying heavy penalties.
I know some of you will be like
“IKING, WHY ARE THEY DOING THIS?”
Oya, relax....
Let me explain this, as your Financial Literacy Advocate that value your Growth
Imagine a village where people like Mama Ngozi carry cash everywhere - market, church, bus stop.
Robbery increases. Fake money flows.
The village elders now say:
“From today, keep your money in the bank. Use transfer. Reduce carrying cash.”
That is exactly what CBN is doing.
But let me break it down properly:
To reduce cost of printing & managing cash
To reduce money laundering
To push people into digital payments
To force transparency in business transactions
To control how physical cash moves in the economy
CBN is telling Nigerians:
“If you like cash too much, be ready to pay for it.”
Let me be very honest…
This policy will hit certain people HARD:
Cash-only business owners
Shop owners who avoid tax
People doing POS with high volume
Market women who are not banking properly
People hiding cash from spouse, government, and business partners
Landlords who collect bulk rent in cash
Traders who do not want their transactions traced
Because NOW:
Every withdrawal over the limit will be reported monthly to CBN.
This is not a policy…
This is monitoring + tracking + transparency activated.
Let Me Tell You Something....
Imagine you want to withdraw ₦1,000,000 next month.
Under the new rule:
You will pay 3% on ₦500,000 excess = ₦15,000 penalty
Just to collect your OWN money.
If you’re a company withdrawing ₦10,000,000:
You will pay 5% on ₦5,000,000 excess = ₦250,000 penalty
Tell me why business owners won’t shout?
WHY YOU MUST PAY ATTENTION TO THIS NEW NIGERIA
CBN is redesigning the financial system.
The era of “I love cash” is dying.
The era of “traceable money” has come.
POS agents?
CBN is already tracking them - maximum N1.2m a day.
Embassies & donor agencies?
CBN removed their cash exemptions.
Government?
Their accounts are exempt - because revenue must keep flowing.
SO IKING, WHAT SHOULD NORMAL NIGERIANS DO NOW?
This is where wisdom comes in
1: Reduce your dependence on cash. Immediately.
Start using transfer and USSD for 90% of your spending.
2: If you run a business, upgrade your banking structure.
Separate personal from business money.
Let cash-flow be traceable - CBN and Taxman from FIRS is watching.
3: If you do big transactions, stop cash completely.
Use bank transfers, escrow, or digital channels.
4: Build a digital financial habit.
Keep records.
Use receipts.
Use online payments.
5: MOST IMPORTANT: Save and invest more digitally.
This policy is pushing Nigerians into:
- Money Market
- FGN Bonds
- Mutual Funds
- ETFs
- Treasury bills
- Stock
- PPP
- REITs
- Commercial Paper
- SUKUK
If you don’t position yourself now…
You will be forced to learn the hard way later.
CBN didn’t just change withdrawal limits.
CBN changed the financial behaviour of over 100 million Nigerians.
Those who understand this early will adjust, survive, and grow.
Those who ignore it will pay unnecessary penalties and suffer confusion.
I’m just here to make sure you are on the right side of the new system.
I am Iking Ferry,
Your Financial Literacy Advocate
Co-founder, Pulseford Business School
On a Mission to build 1million Financially FREE Nigerians with the right knowledge
