What's Hot

    CBDC Anti-Surveillance State Act Advances Through House Committee

    September 21, 2023

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      News September 21, 2023
      Recent

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      September 21, 2023

      Stanford University to Return $5.5 Million in Crypto Gifts from FTX

      September 21, 2023

      Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

      September 21, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Policy & Economy»Nigeria Limit ATM Withdrawals to $225 Weekly to Push for eNaira Adoption
    Policy & Economy

    Nigeria Limit ATM Withdrawals to $225 Weekly to Push for eNaira Adoption

    Anietie DavidBy Anietie DavidDecember 7, 2022Updated:March 29, 2023No Comments2 Mins Read
    Nigeria Limit ATM Withdrawals to $225 Weekly to Push for eNaira Adoption
    Image from Wikimedia Commons
    Share
    Facebook Twitter LinkedIn Pinterest Email

    To further its “cash-less Nigeria” strategy and promote the usage of the eNaira, Nigeria’s central bank’s digital currency, the country has dramatically curtailed the amount of cash that people and companies may withdraw (CBDC).

    According to a Dec. 6 circular from the Central Bank of Nigeria, people and companies are now only permitted to withdraw $45 (20,000 Nigerian naira) per day and $225 (100,000 naira) each week from ATMs. Additionally, there will be a weekly withdrawal cap for both people and businesses of $225 (100,000 nairas) and $1,125 (500,000 nairas), respectively. Any monies taken out over those restrictions would incur a 5% fee for individuals and a 10% cost for corporations.

    The daily cap for cash withdrawals from point-of-sale terminals is also $45 (20,000 naira). Announcing the changes, the director of banking supervision Haruna Mustafa noted that customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

    The restrictions are cumulative for each withdrawal, so someone who withdraws $45 from an ATM on the same day and then tries to withdraw money from a bank will be charged a 5% service fee. Before the announcement, the daily cash withdrawal caps for individuals were $338 (150,000 naira) and for enterprises were $1,128 (500,000 naira).

    Strategies to Force Adoption of eNaira 

    Since the 25th of October 2021, when the eNaira was launched, adoption rates have been poor. Less than 0.5% of the populace reported using the eNaira as of October 25, one year after its inception, and the Central Bank of Nigeria has failed to persuade its people to utilize the CBDC. 

    Nigeria implemented its “cash-less” policy in 2012 with the justification that doing so would enhance the efficiency of its payment system, lower the cost of banking services, and increase the efficacy of its monetary policy. Nigeria is one of the 11 nations that have completely implemented a CBDC, and India is about to follow suit, according to a CBDC tracker.

    Blockchain Central Bank of Nigeria Economy eNaira Nigeria
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleAustralian Crypto Exchange Reduces Workforce by 35%
    Next Article US Lawmakers Want State Department to Disclose Crypto Rewards
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    London Stock Exchange Group Plans Blockchain-Based Platform for Traditional Assets

    September 4, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.