Nigeria Bans ATM Cash Withdrawals to $45 per Day to Push Digital Payments

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Title : Nigeria Bans ATM Cash Withdrawals to $45 per Day to Push Digital Payments
Link : Nigeria Bans ATM Cash Withdrawals to $45 per Day to Push Digital Payments

On Tuesday, Nigeria’s Central Bank announced a new directive that restricts large amounts of cash from being withdrawn from automatic teller machines (ATM).

According to reports, Nigeria restricted ATM cash withdrawals from $337 (150,000 naira) to $45 (20,000 naira) per day for individuals and businesses in order to encourage the use of Nigeria’s central bank digital currency (CBDC).

The central bank announced a weekly cap on cash withdrawals of $225 (100,000 naira) for individuals and $1,125 (500,000 naira) for businesses, with a cost of 5% and 10%, respectively, for amounts in excess of the limit. READ MORE Coming to America?