Experts raise concerns as Nigeria limits cash withdrawals

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Experts raised concerns over a new policy announced by the Central Bank of Nigeria that heavily limits withdrawals of money in a push for a cashless economy. The central bank limited weekly over-the-counter cash withdrawals to 100,000 naira, which amounts to $225, for individuals, and 500,000 naira, which amounts to $1,124 for corporations. Withdrawals from ATMs and point-of-sale terminals are limited to 20,000 naira, or $45, a day. A partner at Lagos-based SBM Intelligence firm, Tunde Ajileye, says the policy “is not going to drive people to start to try doing electronic transactions. On the contrary, it is going to move people away from the financial institutions.”