Nigeria restricts ATM withdrawals to $45 per day in push to digital currency
Nigeria's economy is heavily dependent on the so-called informal sector
By Bradford Betz | Fox News
Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy. The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.
The Central Bank of Nigeria limited weekly over-the-counter cash withdrawals to 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with a processing fee required to access more.
more............... https://www.foxnews.com/world/nigeria-restricts-atm-withdrawals-45-per-day-push-digital-currency
Nigeria's economy is heavily dependent on the so-called informal sector
By Bradford Betz | Fox News
Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy. The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.
The Central Bank of Nigeria limited weekly over-the-counter cash withdrawals to 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with a processing fee required to access more.
more............... https://www.foxnews.com/world/nigeria-restricts-atm-withdrawals-45-per-day-push-digital-currency