it had imposed on cash withdrawals following a public outcry.
The new limit is five times higher than the initial cap for individuals and ten times more for companies. The bank announced the limits to rein in excess cash and promote cashless payments, but critics say it could stifle millions of small businesses. The limit for individual withdrawals was raised from U.S.$225 to U.S.$1,125, while the limit for corporate entities was raised from U.S.$1,100 to U.S.$11,000.
in the first such redesign in 20 years. The authorities say the measure is meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system. The Central Bank of Nigeria has raised the maximum weekly limit for cash withdrawals after a public uproar over the caps it announced two weeks ago. The new limit is five times…