Also, there was an increased figure in the total cashless transactions in Nigeria as the figure rose by 45.41 percent y-o-y to N39.58 trillion in January 2023.
When compared to the N573.72 billion transactions recorded in January 2022, this figure represents a 40.69 percent year-on-year increase according to new data from the Nigeria Inter-Bank Settlement System.
The maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations was reduced to N500,000 and N5m respectively while customers were encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.
