CCISSGO-24

The Central Bank of Nigeria (CBN) has announced a significant tightening of cash-withdrawal limits in an effort to combat money-laundering and increase financial transparency across the country. Beginning January 1, 2026, individuals will be limited to weekly cash withdrawals of 500,000 naira, while corporate entities will be allowed up to 5 million naira per week — with additional regulatory fees applied for exceeding those thresholds. This move comes at a time when Nigeria is intensifying efforts to transition toward a cash-limited, digitally-tracked financial system. By reducing the volume of physical currency flowing through unmonitored channels, regulators aim to restrict illicit financial activities, tax evasion, and untraceable transactions that have historically undermined fiscal accountability. WHY THE POLICY MATTERS Nigeria has long grappled with the challenge of a predominantly cash-based economy where large informal markets and non-bank transactions ...