The Central Bank of Nigeria scrapped all deposit caps and bumped up weekly withdrawal ceilings to 500,000 naira for regular people and 5 million for companies starting next year, while slapping fees on anything above those limits at 3 percent and 5 percent, respectively. Banks can throw any denomination into ATMs after previous restrictions got tossed, and the revenue split from withdrawal penalties goes 40 percent to CBN and 60 percent to the processing bank.
Government accounts and microfinance banks dodge the new limits entirely, but foreign embassies and diplomatic missions lost their previous exemptions. The regulator says the overhaul aims to cut currency management costs and push more transactions toward digital channels.
Government accounts and microfinance banks dodge the new limits entirely, but foreign embassies and diplomatic missions lost their previous exemptions. The regulator says the overhaul aims to cut currency management costs and push more transactions toward digital channels.
