The New Withdrawal Limits For Individuals & Cooperate Entities Following CBN Directives

Following the Central Bank of Nigeria (CBN) regulatory directives with respect to cash withdrawal effective nationwide from Monday, 9 January 2023:


Maximum weekly cash withdrawal limit for Individuals across all channels is N500,000. When a cash withdrawal is necessary for a valid reason above this limit, a 3% processing fee will be charged by the bank.

Corporate organisations will only be able to make a maximum cash withdrawal of N5 million per week across all channels. For withdrawals above the limit, a 5% processing fee will be charged by the bank.

For transactions that exceed the limits of N500,000 for individuals and N5 million for corporate organisations, the bank or financial institution will collect the following information from the customer and deliver to CBN accordingly:




Valid means of identification (National ID, International Passport, or Driver’s License).

Bank Verification Number (BVN).

Tax Identification Number (TIN) of both the payee and the payer.

Approval in writing by the bank's CEO authorising the withdrawal.

3. Third party cheques above N100,000 shall not be eligible for payment over the counter, while the exisiting limit of N10 million on clearing cheques still subsists.