Skip to Content

Experts raise concerns as Nigeria limits cash withdrawals

KEYT

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Experts raised concerns over a new policy announced by the Central Bank of Nigeria that heavily limits withdrawals of money in a push for a cashless economy. The central bank limited weekly over-the-counter cash withdrawals to 100,000 naira, which amounts to $225, for individuals, and 500,000 naira, which amounts to $1,124 for corporations. Withdrawals from ATMs and point-of-sale terminals are limited to 20,000 naira, or $45, a day. A partner at Lagos-based SBM Intelligence firm, Tunde Ajileye, says the policy “is not going to drive people to start to try doing electronic transactions. On the contrary, it is going to move people away from the financial institutions.”

Article Topic Follows: ap-national-news
ap
KEYT
national
world

Jump to comments ↓

Author Profile Photo

The Associated Press

BE PART OF THE CONVERSATION

News Channel 3-12 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content