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The Central Bank of Nigeria has recently restricted ATM withdrawals in an effort to increase usage of internet banking, mobile apps, and the eNaira also known as CBDC—Central Bank Digital Currency.

The digital currency ever since it was launched in October 2021 has been in usage by 0.5% of over 200 million Nigerians.

In an attempt to boost eNaira usage and fight money fraud, the recent ATM withdrawal restrictions by CBN allow individuals to withdraw in cash not more than 20,000 naira in a day (a massive cut down from the previous 150,000 limit), and not more than 100,000 in a week.

Businesses on the other hand, can withdraw up to half a million in a week. Anything above the margin for both individuals and corporations will attract extra charges.

Cash withdrawal alternatives such as point-of-sale terminals popularly known as POS are equally restricted to 20,000 naira daily.

By Elijah Christopher


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