Nigeria's central bank is restricting cash withdrawals to $45 per day as the country tries to push to wider adoption of digital currencies.
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When the policy takes effect in January, ATMs will no longer dispense Nigeria's high denominations of 1,000 naira and 500 naira while withdrawals from ATMs and point-of-sale terminals also will be limited to 20,000 naira daily. Haruna Mustafa, the bank's director of banking supervision, said cash withdrawals may be permitted in"compelling circumstances, not exceeding once a month."
FILE: Godwin Emefiele, left, chairman of the Central Bank of Nigeria , attends the presentation of new banknotes after Nigerian President Mohammed Buhari, right, unveils newly designed banknotes due to counterfeiting and increasing security problems on Nov. 23, 2022, in Abuja, Nigeria.But other analysts worry that the initiative could hurt daily transactions that people and businesses make, given the unreliability of digital payments in Nigeria.
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