The central bank said it remains mindful of the role played by cash, particularly in underserved communities. cashlesseconomy digitalcurrency
Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving 'Feedback From Stakeholders'
Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central bank said individuals and corporate organizations withdrawing amounts exceeding the new limits would be required to pay processing fees of 3% and 5% respectively.The Central Bank of Nigeria has said that starting on Jan.
“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 bank statement said.by Bitcoin.com News, the Nigerian central bank’s decision to restrict cash withdrawals came as it prepared to unveil new banknotes. The new banknotes, which were subsequently introduced into circulation on Dec.
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