Nigeria imposes restrictions on cash withdrawals
bbc.com
International News
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.
Advertisement
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.