Audio By Carbonatix
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.
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
-
Rogers and Palmer can play together – Alonso
7 minutes -
Diomande agrees Real Madrid terms as PSG step away
19 minutes -
Inter in advanced talks with England defender Stones
29 minutes -
Chelsea open talks to sign Henderson and Welbeck
36 minutes -
Ex-convict jailed for unlawful entry and stealing
47 minutes -
Unemployed gets 12 years jail term for robbing a trader
58 minutes -
AG hauls former N.N. Est, M.N.D. Metals General Manager to court over alleged $280,000 theft
1 hour -
Interior Ministry inaugurates new Audit Committee to strengthen accountability
1 hour -
IMF describes Ghana’s ECF programme as broadly satisfactorily
1 hour -
Christians urged to embrace spiritual authority, become agents of transformation in society
1 hour -
Fuel price hikes driven by international trends, not OMC margins — COMAC
2 hours -
NPP can’t be equated to the NDC in any way – Eric Adjei
2 hours -
IMF Board completes 6th and final review of ECF programme, describes PCI as anchor to reform agenda
2 hours -
Cracker Barrel chief executive steps down a year after rebrand chaos
2 hours -
Trump defends tariffs in hard-hit Michigan as Canada tax hike looms
2 hours