CBN has limited weekly over-the-counter cash withdrawals by individuals and corporates to 100,000 naira and 500,000 naira respectively.

Nigeria’s central bank has limited weekly over-the-counter cash withdrawals by individuals and corporates to 100,000 naira ($225; £186) and 500,000 naira ($1,125; £928) respectively.

This is in line with its policy to promote cashless transactions, it said. It comes days after the West African country launched new banknotes.

In a circular, the central bank fixed the maximum daily withdrawal from ATMs at 20,000 naira with a weekly limit of 100,000 naira. It also directed that only denominations of 200 naira and below be loaded on ATMs.

Withdrawals through point-of-sale (PoS) system, used mostly to pay for goods, will be limited at 20,000 naira. The new restrictions will come to effect on 9 January.