Business and Technology
Nigeria Cash Withdrawals Constricted
Nigeria's central bank has imposed restrictions on weekly cash withdrawals to limit the use of cash in a bid to curb counterfeiting and discourage ransom payments to kidnappers.
Under a new policy announced late Tuesday, the Central Bank of Nigeria (CBN) said that weekly cash withdrawals had been slashed to 100,000 naira ($225) from 2.5 million naira daily for individuals.
For businesses, the weekly limit has been cut to 500,000 naira from the current daily limit of three million naira.
The central bank said that withdrawals from cash machines were also included in the new measure, which takes effect on January 9.
"The maximum cash withdrawal per week via automated teller machine shall be 100,000 naira subject to a maximum of 20,000 naira cash withdrawal per day," it said.
Only denominations of 200 naira and less will be loaded into ATMs, it said.
"The maximum cash withdrawal via the point of sale terminal shall be 20,000 naira daily," it added.
"Withdrawals above these limits shall attract processing fees of five percent and 10 percent, respectively," the CBN said.
The announcement of the cash restrictions comes just days after Nigeria launched new banknotes of 200, 500 and 1,000 naira.
The new notes come into use on December 15, but Nigerians have until January 31 to turn in old notes when they will cease to be legal tender.
The central bank warned commercial lenders against violating the new cash limits, which it said were in line with its policy to promote cashless transactions.
The bank has expressed concerns in the past over currency counterfeiting, the volume of money outside the banking system and huge ransom payments to kidnappers and bandits.
Analysts also see the new cash policy as a move by the CBN to discourage vote-buying and financial inducements by politicians ahead of a presidential election in February.
See all News Updates of the Day
Africa News Tonight: Mahama officially declared Ghana winner, no clear leadership in Syria, South African clothing tariffs please unions
South Sudan in Focus: Juba road ban worries boda boda drivers, Kenyan deputy president faces impeachment, data helps improve public services
Africa News Tonight: Saied dominates in Tunisia election, China drives into South Africa auto market, Kenyan runner suspended over drug test
Africa News Tonight: Displaced communities at risk of mpox, Tunisia’s Saied shakes up cabinet, sun-powered tractor debuts in Malawi
Restaurant with Robot Services Causes Excitement in Nairobi
In Nairobi, a new restaurant is generating business and buzz – not just because of the food, but because of the staff. Robots serving dishes is the main attraction for diners who flock to the Robot Café. Juma Majanga reports from Nairobi, Kenya.