Home » Breaking News » Nigeria restricts cash withdrawal to $44 a week per individual

Nigeria restricts cash withdrawal to $44 a week per individual

Nigeria has officially restricted massive cash withdrawals from the bank beginning Monday the 9th January in an effort to cool off inflation.

Nigerians will only be allowed to withdraw 44 dollars per week per individual and $11,000 for businesses. This policy is most likely to affect millions of Nigerians especially businessmen and high cash-intensive activities.

The stated goal of the authorities is to succeed in limiting the mass of banknotes in circulation, both to control illicit financial flows and corruption and to modernise the payment system such as digital money transfers, mobile money or again the e-naira, the digital naira intended for businesses.

Finally, the objective is to better control inflation. However, as economists point out, the mass of banknotes in circulation represents only 6% of the total money supply.

Inflation would be better, they point out if the state repaid the Central Bank its huge debt which, according to the Nigerian press, would amount to $48 million

Source: Africanews,

SHSs ready for 2023 academic year — CHASS President
x

Check Also

Equatorial Guinea appoints its first female prime minister

Equatorial Guinea’s President Teodoro Obiang Nguema on Tuesday appointed his vice-minister of education, Manuela Roka ...