The Nigerian government has placed new restrictions and limits on the amount of cash citizens are able to withdraw from ATMs. The decision is seemingly an attempt to further push the country’s new CBDC, the eNaira.
The directive orders that citizens and businesses cannot withdraw amounts exceeding $45 (20,000 nairas) per day and $225 (100,000 nairas) per week from ATMs. Withdrawals from banks of over $225 (100,000 nairas) and $1,125 (500,000 nairas) will be subject to processing fees of 5% for individuals and 10% for businesses.
The order also details that cashback via point-of-sale terminals cannot exceed $45 (20,000 nairas) per day either.
According to a Cointelegraph report, Haruna Mustafa, the director of banking supervision, stated that “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”