Nigeria has slashed ATM cash withdrawals for individuals to just $45 per day as it attempts to force people to use its unpopular eNaira CBDC.
Nigeria has drastically reduced the amount of cash individuals and businesses can withdraw as it attempts to push its “cash-less Nigeria” policy and increase the use of the eNaira — Nigeria’s Central Bank Digital Currency .the directive to financial businesses in a Dec. 6 circular, noting that individuals and businesses would now be limited to withdrawing $45 per day and $225 per week from ATMs.
Individuals and businesses will also be limited to withdrawing $225 and $1,125 respectively at banks per week, with individuals hit with a 5% fee and businesses with a 10% fee for amounts above those limits. The maximum cash withdrawal via point-of-sale terminals is also capped at $45 per day. Announcing the changes the Director of Banking Supervision Haruna Mustafa noted:The limits are cumulative limits for each withdrawal, so an individual withdrawing $45 from an ATM who then tries to withdraw cash from a bank on the same day would be hit with the 5% service fee.
The previous limits on daily cash withdrawals prior to the announcement were $338 for individuals and $1,128 for businesses.
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