Nigeria's Central Bank to Limit Cash Withdrawals in January, Encourage Cashless Transactions Like Central Bank Digital Currency eNaira

In a memorandum to the Deposit Money Bank (DMB), the Central Bank of Nigeria stated that it will implement a new monetary transaction policy on January 9, 2023, in which individual weekly cash withdrawals should not exceed 100,000 naira (about 225 US dollars). ), cash withdrawals by businesses should not exceed 500,000 Naira (approximately $1,123), ATM withdrawals are capped at 20,000 Naira (approximately $45) per day, withdrawals above these limits will be charged 5% and 10% fee, and said its new policy direction is in line with its cashless policy, encouraging customers to use channels such as eNaira for transactions. Foresight News noted that eNaira is Nigeria’s central bank digital currency to be launched in October 2021.