CBN Imposes Fees on Large Weekly Withdrawals: 3% for Above N500k, 5% for N5m

The Central Bank of Nigeria (CBN) has implemented new fees on weekly withdrawals exceeding specified limits. Effective January 1st, 2026, individuals and corporations will face a 3% fee for withdrawals above N500,000 weekly, and a 5% fee for those exceeding N5 million weekly. This change follows the CBN’s introduction of cash withdrawal and deposit limit policies to address security concerns related to cash usage and reduce money laundering risks.