Nigeria’s central bank has limited weekly over-the-counter cash withdrawals by individuals and corporates to 100,000 naira ($225; £186) and 500,000 naira ($1,125; £928) respectively.
This is in line with its policy to promote cashless transactions, it said.
It comes days after the West African country launched new banknotes.
In a circular, the central bank fixed the maximum daily withdrawal from ATMs at 20,000 naira with a weekly limit of 100,000 naira.
It also directed that only denominations of 200 naira and below be loaded on ATMs.
Withdrawals through point-of-sale (PoS) system, used mostly to pay for goods, will be limited at 20,000 naira.
The new restrictions will come to effect on 9 January.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
You are making people angry with your utterances – Kwesi Pratt tells Akufo-Addo
4 mins -
Age is just a number: How 60-year-old Argentine emerged Miss Universe Buenos Aires
10 mins -
GNPC new boss Joseph Abuabu Dadzie starts work today
55 mins -
Appiatse disaster: Akufo-Addo to inaugurate 120 housing units
56 mins -
DJ Vyrusky out with new song ‘Follow Who Know Road’
1 hour -
Today’s front pages: Thursday, May 2, 2024
1 hour -
Government steps up efforts to pass new Labour Law
1 hour -
Seven ECG substations in Accra flooded over Wednesday’s downpour
1 hour -
Government to distribute 1.2 million textbooks to TVET schools
1 hour -
TEWU demands government must pay all Tier-2 deductions to fund managers
1 hour -
Cedi hits GH¢14.18 to a dollar; year-to-date loss reaches 13.45%
1 hour -
Akufo-Addo’s assertion of dumsor’s end misleading, says IES
2 hours -
Ghana registers 31 fresh COVID-19 infections
2 hours -
Vote for a government committed to upholding integrity of Public Service – GLOGSAG to Civil Servants
2 hours -
Kasoa protests ‘bad name’
2 hours