Nigeria Limits Cash Withdrawls

Story: Mond Javed

December 7, 2022

Nigeria has imposed limits on cash withdrawals to push consumers towards alternatives like CBDC and the eNaira.

In an attempt to push cash-less Nigeria policy, the Central Bank of Nigeria (CBN) has sent a directive to the banks and other financial institutions.

As per the CBN directive, the individuals and businesses would now be limited to withdrawing $45 per day and $225 per week from ATMs.

Individuals and businesses will also be limited to withdrawing $225 and $1,125 respectively at banks per week

For which, individuals will be needed to pay 5% fee while the businesses will also be charged with a 10% fee.

The move has justified by the CBN’s director Haruna B. Mustafa, who wrote that customers should be encouraged to use alternative channels for banking transactions.

According to the CBN’s new directives, the maximum cash withdrawal will also be capped at $45 per day.