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.

What is the new cash withdrawal policy in Nigeria?

Under a new policy announced late on Tuesday, the Central Bank of Nigeria (CBN) said that weekly cash withdrawals for individuals had been slashed to 100,000 Nigerian naira ($225) from 2.5 million naira ($5,638). A majority of Nigerians have no bank accounts and use informal markets where cash is preferred.

Is Nigeria in a cash crisis?

Nigeria is in the middle of a cash crisis as the country attempts to replace its old currency with a new one — leaving many cashless and furious. In Nigeria, it is virtually impossible to get hold of cash. Old bank notes of specific denominations were made invalid earlier this month, and the new notes that replaced them are scarce.

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.