Connect with us

Hi, what are you looking for?


Nigeria Bans ATM Cash Withdrawals to $45 per Day to Push Digital Payments

On Tuesday, Nigeria’s Central Bank announced a new directive that restricts large amounts of cash from being withdrawn from automatic teller machines (ATM).

According to reports, Nigeria restricted ATM cash withdrawals from $337 (150,000 naira) to $45 (20,000 naira) per day for individuals and businesses in order to encourage the use of Nigeria’s central bank digital currency (CBDC).

The central bank announced a weekly cap on cash withdrawals of $225 (100,000 naira) for individuals and $1,125 (500,000 naira) for businesses, with a cost of 5% and 10%, respectively, for amounts in excess of the limit.

The new policy will take effect on January 9, 2023.

From Nigeria’s Central Bank:

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)


Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cashless policy of the CB, all deposit money banks (DMBs) and other financial institutions (OFIs) are hereby directed to note and comply with the following:

  1. The maximum cash withdrawal over the counter (OTC by individuals and corporate organizations per week shall henceforth be #100,000 and #500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
  2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of #10,000,000 on clearing cheques still subsist.
  3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be #100,000 subject to a maximum of N20,000 cash withdrawal per day.
  4. Only denominations of #200 and below shall be loaded into the ATMs.
  5. The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily.
  6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed #5,000,000.00 and #10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CB portal created for the purpose:

  1. Valid means of identification of the payee (National ID, International Passport, Driver’s License).
  2. Bank Verification Number (BVN) of the payee.
  3. Notarized customer declaration of the purpose for the cash withdrawal.
  4. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.
  5. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

Please further note the following:

  1. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.
  2. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

It can be recalled during the G20 Summit in Bali, Indonesia last month, leaders recognized the importance of digital transformation in reaching sustainable development goals.

“We also welcome the joint report by the BIS CPMI, BISIH, IMF, and World Bank on options for access to and interoperability of Central Bank Digital Currencies (CBDCs) for cross-border payments,” according to the joint declaration.

Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), has advocated for central bank digital currencies in her pre-recorded video address for the B20 Summit Indonesia.

Watch the video:

  • John says:

    Leave it to the Demonic cultures to except and cooperate with demonic satanic Antichrist New World Order satanic Antichrist government ways of controlling Humanity resources and controlling wealth resources and spying on Loosely free people instead of the real demonic criminal demons themselves following the same communist corrupted government fascist elitist restrictions they oppose on others stupid people equals a stupid culture and Country

  • Joe says:

    Mark of the beast is coming.
    Get rid of the banks.

  • Nunya says:

    Just wipe this place off the map with one payload. Don’t need news from this shithole place anyway. They probably don’t have $5 in their bank accts. What a prop! These are the people of satan!



    Walmart promoted its new Pride apparel on social media ahead of Pride month on Saturday, writing on Instagram, “Not just a slogan. #PrideAlways is...


    A former business associate of James Biden has agreed to plead guilty to conspiring to defraud Medicare of $51 million through a lab-testing company...


    Two progressive ‘Squad’ members scrambled to delete posts about Memorial Day highlighting how little the lawmakers know about the longtime U.S. holiday. Reps. Ilhan...


    If you are a deeply unpopular incumbent president facing a stern uphill challenge in a bid for re-election (not unlike President Joe Biden) you...