People queue at an ATM in Abuja, Nigeria [File: Afolabi Sotunde/Reuters]
Nigeria’s economy is heavily dependent on the so-called informal sector
Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy.
The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation’s newly designed currency notes to control the money supply.
The Central Bank of Nigeria limited weekly over-the-counter cash withdrawals to 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with a processing fee required to access more.
Read more ….
Update #1: Nigeria Caps ATM Cash Withdrawals at $45 Daily to Push Digital Payments (Bloomberg)
Update #2: Nigeria to limit cash withdrawals to $225 a week (Al Jazeera)
WNU Editor: Expect every country in the world to adopt this type of system in the years to come.