In Nigeria Banks reduce ATM withdrawal limit to N60,000

The limit for naira withdrawals is now N60,000 daily while for foreign currency is $300 per day.

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A woman takes Nigerian Naira from a bank's automated teller machine (ATM) in Ikeja district in the commercial capital Lagos November 12, 2014. REUTERS/Akintunde Akinleye. play A woman takes Nigerian Naira from a bank's automated teller machine (ATM) in Ikeja district in the commercial capital Lagos November 12, 2014. REUTERS/Akintunde Akinleye.
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Banks in Nigeria have reduced the withdrawal limits on Automatic Teller Machines (ATMs) in a bid to protect the naira.

The limit for naira withdrawals is now N60,000 daily while for foreign currency is $300 per day.

The previous domestic withdrawal limit was N150,000 per day.

Online shopping has also been affected as customers can now only spend $300 (about N60,000) daily.

The banks are also refusing foreign currency deposits in a bid to drive down the exchange rate of the naira to the dollar.

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