Nigerian central bank limits cash withdrawals

Governor says policy will increase cashless payments use and cut crime, but politicians criticise move

Godwin Emefiele
CBN governor Godwin Emefiele
Photo: IMF Staff Photo/Stephen Jaffe

Nigeria’s central bank has severely limited the amounts of cash people can withdraw from ATMs, sparking protests by some of the country’s legislators.

The move may cause serious disruptions in a country where most people are unbanked and use cash rather than electronic payments. Central Bank of Nigeria governor Godwin Emefiele told media the policy aimed to push Nigerians to use cashless means of payments.

Emefiele also said the move would help stop corruption and crime, including the payment

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account