Digital Banking

Nigeria caps ATM withdrawals at $225 weekly to promote CBDC

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December 7, 2022

Nigeria is attempting to push the usage of its central bank digital currency eNaira by capping the amount users can withdraw from ATMs at $45 per day and $225 per week. If users or businesses exceed that amount, they have to pay a 5% or 10% fee respectively, according to a report at Coin Telegraph.

The government of Nigeria has struggled to get citizens to adopt the ENaira since its introduction on Oct. 25, 2021. Currently less than 0.5% of the population has used the currency.

Previously, the maximum daily withdrawal amounts were $338 for individuals and $1,128 for businesses.

"Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira etc.) to conduct their banking transactions," Haruna Mustafa, director of banking supervision, Nigeria, told the news outlet.