People queue at an ATM in Abuja, Nigeria [File: Afolabi Sotunde/Reuters]

 FOX News: Nigeria restricts ATM withdrawals to $45 per day in push to digital currency  

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.