Why is CBN capping daily ATM withdrawal at 20,000 Naira?

( LifeSiteNews) — The Central Bank of Nigeria (CBN) announced Tuesday that it is capping daily ATM withdrawal at 20,000 naira ($45) to encourage digital banking options.

How much Naira can you withdraw from an ATM?

ATM cash withdrawal is also now limited to 100,000 naira ($225) per week. “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards, POS, eNaira, etc.) to conduct their banking transactions,” the central bank said.

How much money can you withdraw using Cardless Cash?

Users can withdraw up to $500 daily using Cardless Cash. ‘An eight-digit Cash Code and Cash PIN, provided through the app, must be used within 30 minutes or the money is returned to their account,’ the outlet added.

Will limiting cash transactions help Nigeria's dying currency?

The news has sparked several reactions from Nigerians. While some expressed their displeasure, citing the need for more cash transactions as the country lacks digital penetration, others feel limiting cash transactions will help the dying currency.