Nigeria’s Central Bank to Limit Over-the-Counter Withdrawals

The Central Bank of Nigeria will be placing a limit on over-the-counter cash withdrawals made by individuals and organisations with effect from January 9, 2023.

In a memo, signed by the Director of Banking Supervision Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals do not exceed U.S.$225, and U.S.$1,125 respectively, per week.

The decision comes after the central bank began the distribution of its redesigned bank notes, which it says will curb inflation, counterfeiting, and corruption.

However, experts are sceptical about such results in a country that has battled chronic corruption for decades, with government officials regularly arrested for looting public funds that have caused more hardship for the many struggling with poverty.

The central bank will reportedly announce its plans of issuing the new notes to the public from December 15, 2022. Members of the public have until January 31, 2023, to hand in their old notes.

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