The Central Bank of Nigeria has announced new limits on cash withdrawals, in an effort to curb the circulation of illegal funds and improve financial stability in the country.
Under the new rules, individuals will be limited to withdrawing a maximum of 500,000 Naira ($1,350) per day, while businesses will be allowed to withdraw up to 5 million Naira ($13,500) per day. The limits will apply to all transactions conducted at banks and other financial institutions, as well as through mobile payment platforms.
The Central Bank has cited a number of reasons for the new restrictions, including the need to combat money laundering and other financial crimes as well as improve the efficiency of the country’s financial system. The bank has also pointed to the need to protect the value of the naira, which has been under pressure in recent months due to rising inflation and declining foreign reserves.
The new limits on cash withdrawals have been met with some criticism from members of the business community, who argue that the restrictions could hinder economic activity and make it difficult for companies to access the cash they need to operate. However, the Central Bank has defended the move, stating that it is necessary to ensure the stability and integrity of the financial system.
Overall, the new limits on cash withdrawals in Nigeria are part of a broader effort to improve the country’s financial system and curb the circulation of illegal funds. While the restrictions may cause some short-term disruption, they are likely to have a positive impact on the economy in the long run.