Nigeria raises cash withdrawal limits after outcry

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Nigeria‘s central bank has significantly increased limits it had imposed on cash withdrawals following a public outcry.

Earlier this month it said customers would only be able to take out the equivalent of US $220 per week. The withdrawal limit has now been increased to more than US $1,000.

Cash plays a vital role in Nigeria as most people do not have a bank account. Last week redesigned banknotes were introduced and will replace all those currently in circulation.

The move is aimed at trying to curb inflation and corruption – including vote buying ahead of February’s elections.

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