Nigeria is set to begin limiting cash withdrawals from ATMs to just $45 a day as the country moves toward its goal of becoming a cashless economy and embraces digital currency, including its own “eNaira” cash.
In a letter (pdf) to all banks and other financial institutions sent on Dec. 6, Nigeria’s Central Bank said they must comply with new rules pertaining to over-the-counter and ATM withdrawals.
Specifically, the bank has capped the maximum customer and corporate organization over-the-counter withdrawals at 100,000 naira ($225) per week and 500,000 naira ($1,123) respectively.
“Withdrawals above these limits shall attract processing fees of 5 percent and 10 percent respectively,” the bank said….