Fri Dec 9, 2022 – 8:28 pm EST
(LifeSiteNews) — The Central Bank of Nigeria (CBN) announced Tuesday that it is capping daily ATM withdrawal at 20,000 naira ($45) to encourage digital banking options.
The CBN directed all deposit money banks to limit daily and weekly ATM withdrawals as well as weekly over-the-counter cash withdrawals “in line with the Cashless policy of the CBN,” according to its Tuesday press release.
Weekly over-the-counter cash withdrawals are now capped at 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with new processing fees of 5 percent and 10 percent, respectively, for excessive withdrawals.
ATM cash withdrawal is also now limited to 100,000 naira ($225) per week.
“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards, POS, eNaira, etc.) to conduct their banking transactions,” the central bank said.
The financial news outlet Pyments framed the new restrictions as a “step toward pushing Nigerians to embrace the country’s newly minted central bank digital currency (CBDC), eNaira,” which was launched last year.
“Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions,” the press release concluded.
Nigeria
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