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CBN unveils fresh cash withdrawal limits
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The Central Bank of Nigeria has released fresh cash withdrawal rules that will take effect in January 2026.
The move ends the special approval that once allowed individuals to take out ₦5 million and companies ₦10 million once every month.
In the circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the bank said earlier cash policies were introduced at different times to match changing conditions.
But the bank said that the current financial climate now calls for a clearer set of rules that match today’s needs, reduce the pressure of managing cash, improve safety, and limit risks linked to heavy cash use.
From January 1, 2026, the new limits will allow individuals to withdraw up to ₦500,000 weekly through all channels, while companies will be able to take out ₦5 million.
Anyone who goes above these limits will pay an extra charge of three percent for individuals and five percent for companies.
The fees will be shared between the CBN and commercial banks.
ATM withdrawals will now be capped at ₦100,000 per day, and a total of ₦500,000 per week.
These ATM transactions will count toward the overall weekly limit.
The bank also said ATMs can now hold all naira denominations.
Third-party cheques above ₦100,000 will not be paid over the counter, and withdrawals within that limit will be counted as part of the weekly total.
Commercial banks must file monthly reports on withdrawals and deposits that go above the stated limits and must keep separate accounts for charges collected from extra withdrawals.
The rule does not apply to revenue accounts of federal, state, and local governments.
Microfinance banks and primary mortgage banks are also exempt from the limits and charges.
On the other hand, permissions earlier given to embassies, diplomatic missions, and aid agencies have been withdrawn.
The CBN added that the new circular replaces parts of older instructions listed in its appendices but leaves some earlier rules unchanged.
President Bola Ahmed Tinubu has clinched the APC presidential ticket for 2027 after a landslide win in the party’s primaries held Saturday across 36 states and the FCT.
The results were declared Sunday at the Bola Ahmed Tinubu International Conference Centre in Abuja. Tinubu polled 10,999,967 votes, defeating sole challenger Stanley Osifo who got 16,504 votes.
Osifo failed to register a single vote in 21 states and the FCT. His only recorded vote came in Edo State.
His best showings were in Niger with 5,248 votes, Kano with 2,675, Bauchi with 2,650, and Abia with 1,007.
Tinubu swept every state, with his highest tallies in Lagos at 814,988, Adamawa at 644,149, Kaduna at 618,914, and Imo at 582,960. Kano delivered 500,852 votes, Katsina 467,003, and Gombe 450,517.
Other notable results:
– Bayelsa: 227,192
– Delta: 407,646
– Borno: 414,988
– Enugu: 383,382
– Akwa Ibom: 389,197
– Benue: 374,787
– Ogun: 322,485
– Kwara: 310,990
– Sokoto: 301,000
The party said the primaries covered all 484 wards in Kano, where Tinubu also swept every ward.
With the outcome, Tinubu is now the official APC candidate heading into the 2027 general election.
Abuja Electricity Distribution Company has finally announced that it has restored electricity supply to State House, Nnamdi Azikiwe International Airport, Lugbe, Garki, and other areas in the nation’s capital after an outage.
AEDC disclosed this in a notice on Saturday night.
Recall that major parts of Abuja were thrown into darkness due to the Transmission Company of Nigeria’s Apo substation fault.
TCN had on Saturday issued an update noting that its engineers were working to fix the fault.
In a notice later on Saturday night, AEDC announced electricity supply has been restored to affected areas.
“Abuja Electricity Distribution Plc (AEDC) is pleased to inform our esteemed customers that power supply has now been restored to affected feeders following the successful restoration of the 100MVA Transformer (TR3) at the Apo Transmission Substation by the Transmission Company of Nigeria (TCN),” AEDC stated.
By Kayode Sanni-Arewa
Joshua Adeji & Co, a Lagos-based law firm established in 2016 by Joshua Osemudiamen Adeji has opened its new office and mediation center in Lagos.
The office is situated at 16, Adeniran Ogunsanya, Surulere, in Lagos.
Speaking at an event that brought together clients, business leaders, and key figures in Nigeria’s legal community to celebrate the firm’s continued growth and commitment to excellence, the Principal partner, Joshua Adeji reiterated the firm’s steadfastness to offer top-tier legal services to clients across multiple sectors of Nigeria’s and Africa as a whole.
He further stated that the newly established law firm and its Mediation Centre would serve as a hub for fast, amicable and efficient resolution of commercial disputes.
The Firm, he stated, would assist clients to amicably resolve their disputes to align with their commercial goals and help clients navigate complex laws, protect their rights, and resolve disputes.
Tinubu clears APC primary elections with 10.9m votes, secures 2027 ticket(See results)
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