Nigeria’s Central Bank to Limit Cash Withdrawals in January, Encourage Alternative Channels Like CBDC eNaira

According to Foresight News, the Central Bank of Nigeria states in a memorandum from Deposit Money Banks (DMBS) that it will implement a new monetary transaction policy on January 9, 2023, in which the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall not exceed 100K naira (~ $225) and 500K naira (~ $1,123) respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively. ATM withdrawals are capped at 20K naira (~ $45). The new policy is understood to be in line with the Cashless policy of the CBN, encouraging customers to use alternative channels including eNaira.

Foresight News notes: eNaira is Nigeria’s Central Bank Digital Currency launched in October 2021.


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