Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Nigeria’s central bank is to introduce fees for cash withdrawals above a certain limit, while lifting limits on the amounts customers can deposit at the country’s lenders.
In a circular released on December 2, the Central Bank of Nigeria (CBN) said the changes, effective from January 1, were part of efforts to tackle money laundering and reduce cash usage.
The central bank will cap cumulative weekly withdrawals across all channels at 500,000 naira ($345) for individuals and 5 million naira for
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