Why is Nigeria limiting ATM withdrawals to $45 per day?

Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy . The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.

Why has Nigeria's Central Bank slashed the daily withdrawal limit?

Nigeria’s central bank slashed the daily withdrawal limit from automatic teller machines in a bid to boost digital payments in Africa’s most-populous nation.

What is the Central Bank of Nigeria's new cashless policy?

ABUJA, Nigeria (AP) — Experts on Wednesday raised concerns over a new policy announced by the Central Bank of Nigeria that heavily limits withdrawals of money in a push for a cashless economy.

How much cash does Nigeria have without a bank account?

In Nigeria’s largely informal economy, cash outside banks represents 85% of currency in circulation and almost 40 million adults are without a bank account.