The Central Bank of Nigeria will limit cash withdrawals in January next year, encouraging the use of the central bank digital currency eNaira

ChainCatcher news, the Central Bank of Nigeria stated in a memorandum to Deposit Money Banks (DMB) that it will implement a new currency transaction policy on January 9, 2023, which stipulates that individual cash withdrawals should not exceed 100,000 Naira (approximately 225 USD) per week, and corporate withdrawals should not exceed 500,000 Naira (approximately 1,123 USD). The ATM withdrawal limit is set at 20,000 Naira (approximately 45 USD) per day. Withdrawals exceeding these limits will incur fees of 5% and 10%, respectively. The new policy direction aligns with its cashless policy, encouraging customers to use channels such as eNaira for transactions.

It is reported that eNaira is the central bank digital currency launched by Nigeria in October 2021. (source link)