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Nigeria Caps ATM Cash Withdrawals at $45 Daily to Push Digital Payments

  • Central bank asks residents to use eNaira and other channels
  • Nation seeks to drive financial inclusion and curb corruption
Updated on

Nigeria’s central bank slashed the daily withdrawal limit from automatic teller machines in a bid to boost digital payments in Africa’s most-populous nation. 

The Central Bank of Nigeria capped the maximum customer withdrawal at 20,000 naira ($44.97) a day, down from the previous limit of 150,000 naira, according to a circular sent to lenders on Tuesday. Weekly cash withdrawals from banks are restricted to 100,000 naira for individuals and 500,000 naira for corporations, and any amount above that limit will attract a fee of 5% and 10%, respectively, the central bank said.