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Nigeria’s Central Bank Limits Cash Withdrawals to Promote CBDCs

Nigeria’s Central Bank Limits Cash Withdrawals to Promote CBDCs

The authorities of Nigeria have recently introduced limits on withdrawal as part of the promotion of cashless alternatives and the expansion of the use of the national digital currency, the eNaira.

According to a directive of the country’s central bank, over-the-counter weekly withdrawal limits for individuals and organizations are 100,000 naira ($225) and 500,000 naira ($1,125), respectively.

The bank has written:

“Exceeding these limits entails a commission of 5% and 10%.”

ATMs are allowed to withdraw 100,000 naira ($225) per week with a daily limit of no more than 20,000 naira ($45). As far as POS terminals is concerned, the limits are set at 20,000 naira ($45) per day.

Per the directive:

“Under compelling circumstances, not more than once a month, when cash withdrawals in excess of the established limit are required for legitimate purposes, such a transaction should not exceed 5 million naira ($10,700) and 10 million naira ($21,400) for individuals and legal entities with payment commission.”

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