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Nigeria has imposed cash withdrawal limits to encourage consumers to use alternative options like CBDC or the eNaira.
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To promote a cashless Nigeria policy, the Central Bank of Nigeria (CBN) has issued a directive to banks and financial institutions.
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According to the CBN directive, individuals and businesses will now be restricted to withdrawing $45 per hour and $225 per workweek from ATMs.
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Businesses and individuals will be restricted to withdrawing $1,125 and $225 from banks each week.
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Individuals will need to pay a 5% fee, while businesses will have to pay a 10% fee.
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Haruna B. Mustafa, director of the CBN, has defended this move.
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She wrote that customers should be encouraged to refrain from using traditional channels for their banking transactions.
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The CBN has updated its directives to limit cash withdrawals to $45 daily.
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