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The ‘Cashless Nigeria’ policy has reached a critical phase in March 2026. With the CBN Circular 05/2026, the weekly cash withdrawal limits for corporates have been strictly enforced to push all commerce into the electronic payment ecosystem. For businesses, this means your ‘Petty Cash’ management must be entirely digital.
The 2026 Weekly Thresholds
Currently, corporate entities are capped at ₦5 million per week, while individuals are capped at ₦500,000. Any withdrawal above this attracts a 10% processing fee. To avoid these costs, businesses are turning to mobile money merchant tools to pay daily laborers and vendors. This is a core part of protecting your business during restrictions.
Business Survival Strategies:
- Digital Petty Cash: Use corporate expense cards instead of physical cash for office supplies.
- Vendor Onboarding: Insist that all suppliers have Tier-3 corporate accounts for instant transfers.
- Automated Payroll: Use specialized payroll tools to eliminate ‘Envelope Salaries.’
Step-by-Step: Reducing Cash Dependency
- Audit Your Cash Needs: Identify exactly where physical cash is used (e.g., transport, market sourcing).
- Implement POS Acceptance: Ensure you have a certified PSP gateway to receive funds digitally.
- Utilize ‘e-Naira for Business’: The 2026 e-Naira has zero transaction fees for business-to-business payments.
Practical Example: The Distribution Hub
‘Onitsha Wholesale’ used to withdraw ₦10m weekly for logistics. In early 2026, they switched to an ‘Agent Banking’ model, paying their drivers via a digital wallet. This saved them ₦500,000 monthly in ‘Excess Withdrawal Fees’ and improved their financial reporting accuracy.
External Resources
Check the latest limits at CBN.gov.ng. For digital payment stats, visit NIBSS.
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