As of yesterday the Central Bank of Nigeria has limited cash withdrawals from bank accounts by individuals to NGN20,000 (= USD44.00) per week. The limit for businesses is NGN 5 million (USD 11,000) per week.

If the black market rate is applied these U.S. dollar amounts are reduced by 40%.

Banks are not authorized to exchange old banknotes over the counter, and can only dispense cash through ATM’s. 

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