On Tuesday, December 6, the central bank delivered another salvo. In a memo to deposit money banks, it directed them to impose weekly cash withdrawal limits at bank branches and ATMs. Under the new rules, individuals can only access ₦20,000 ($45) per day, effectively ₦100,000 ($225) in cash every week. Businesses will have to make do with ₦500,000 ($1125) per week. To withdraw 1 kobo more of your money than the apex bank permits in a week, individuals and corporate organisations will be forced to pay 5% or 10% respectively as “processing fees”.

Once a month, Nigerian residents and businesses may be allowed to withdraw more than the limit without paying the processing fees. But they will need to apply in writing, explaining why they need the cash and will only be allowed to withdraw up to N1 million (for individuals) or N5 million (for businesses) monthly.

Cited Article Links：https://techcabal.com/2022/12/13/nigerias-demonetisation/