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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