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Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’ – Africa Bitcoin News

Barely a month after saying the limiting of money withdrawals to beneath $50 per week, the Central Bank of Nigeria stated on Dec. 21 that people will be capable of withdraw an equal of $1,120 per week beginning on Jan. 9, 2023. The central financial institution stated people and company organizations withdrawing quantities exceeding the brand new limits could be required to pay processing charges of three% and 5% respectively.

CBN’s Digital Currency Push

The Central Bank of Nigeria (CBN) has stated that beginning on Jan. 9, 2023, particular person banking shoppers will be capable of withdraw an equal of $1,120 (N500,000) per week, up from the beneath $50 cap launched on Dec. 6. For company organizations, the CBN stated the money withdrawal could be capped at $11,200, an almost tenfold enhance from the beforehand introduced restrict.

In a new circular to heads of economic establishments, the CBN, which is pushing for the broader adoption of its digital foreign money, stated its determination to revise the money withdrawal limits was “based on feedback received from stakeholders.” The financial institution added that whereas it pushes for a cashless society it stays aware of the position performed by money, significantly in underserved communities.

“The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society,” the central financial institution assertion stated.

Processing Fees for Withdrawals Exceeding New Limits

As beforehand reported by News, the Nigerian central financial institution’s determination to limit money withdrawals got here because it ready to unveil new banknotes. The new banknotes, which have been subsequently launched into circulation on Dec. 15, are a part of an try by the CBN to advertise the use and adoption of the e-naira.

Meanwhile, within the newest round, the CBN stated people and company organizations that want to withdraw quantities exceeding new limits could be charged processing charges of three% and 5%, respectively. In addition, such withdrawals might be processed after the shopper furnishes the financial institution with a number of paperwork that embody a letter from the CEO of a monetary establishment authorizing the withdrawal.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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