Nigeria recently launched new banknotes
Nigeria recently launched new banknotes

Nigeria imposes restrictions on cash withdrawals

Nigeria’s central bank has limited weekly over-the-counter cash withdrawals by individuals and corporates to 100,000 Naira ($225; £186) and 500,000 Naira ($1,125; £928) respectively.

This is in line with its policy to promote cashless transactions, it said.

It comes days after the West African country launched new banknotes.

In a circular, the central bank fixed the maximum daily withdrawal from ATMs at 20,000 Naira with a weekly limit of 100,000 Naira.

It also directed that only denominations of 200 Naira and below be loaded on ATMs.

Withdrawals through point-of-sale (PoS) system, used mostly to pay for goods, will be limited at 20,000 Naira.

The new restrictions will come to effect on 9 January.

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