To further its “cash-less Nigeria” policy and promote the usage of the eNaira, Nigeria’s Central Bank’s Digital Currency, the country has dramatically curtailed the amount of cash that people and businesses can withdraw .circular from the Central Bank of Nigeria, people and businesses are now only permitted to withdraw $45 each day and $225 every week from ATMs.
Before the announcement, the daily cash withdrawal caps for individuals and enterprises were $338 and $1,128 , respectively. In addition to severely restricting the usage of cash, these new regulations, which go into effect on 9 January, are an effort to get Nigerians to use the nation’s recently issued central bank digital currency , known as eNaira. The CBDC was introduced last year, but consumer adoption has been sluggish.