Nigeria Economic Update (Issue 49)

The Central Bank of Nigeria (CBN) announced a new policy on cash withdrawals on 6th December 2022.2 According to the policy, the maximum weekly withdrawal over the counter is set at N100,000 for individuals and N500,000 for organizations. Any withdrawal above these limits shall attract processing charges of 5 percent and 10 percent, respectively. In addition, withdrawals […]


Why Nigeria should Strengthen Mobile Money: Some Stylized Facts

Nigeria continues to miss its financial inclusion targets. Many constraints around the formal banking system have meant that a greater percentage of the Nigerian population remains excluded from the formal financial sector. This article highlights the need to strengthen mobile money as a means of driving financial inclusion in Nigeria. Introduction The financial sector plays […]

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Nigeria Economic Update (Issue 28)

The data from the June 2022 Money and Credit Statistics published by the Central Bank of Nigeria (CBN) shows that the net credit to the economy rose to N57.3 trillion at the end of June 2022 from N48.5 trillion at the end of December 2021, indicating an 18.02 percent increase in the first half of 2022 (H1 […]