CBN Revises Cash Policies to Enhance Financial Security

The Central Bank of Nigeria (CBN) has revised its cash withdrawal and deposit policies effective January 1, 2026, to improve cash management, enhance financial security, and encourage digital payment channels. The changes include no limits on cash deposits without fees, removal of excess cash deposit fees, elimination of special approval for higher monthly withdrawals, and a cap on third-party check encashment.

Wema Bank advises customers to familiarize themselves with the new policies. Rita Sike, Director of Financial Policy and Regulation at CBN, emphasized the aim to ensure efficient and uninterrupted transactions for users of international cards.