Home Bitcoin Nigeria Pushes CBDC Utilization ATM Limits – Bitcoin Journal

Nigeria Pushes CBDC Utilization ATM Limits – Bitcoin Journal


The Nigerian authorities has positioned new restrictions and limits on the amount of money residents are capable of withdraw from ATMs. The choice is seemingly an try and additional push the nation’s new CBDC, the eNaira. 

The directive orders that residents and companies can’t withdraw quantities exceeding $45 (20,000 nairas) per day and $225 (100,000 nairas) per week from ATMs. Withdrawals from banks of over $225 (100,000 nairas) and $1,125 (500,000 nairas) shall be topic to processing charges of 5% for people and 10% for companies.

The order additionally particulars that cashback by way of point-of-sale terminals can’t exceed $45 (20,000 nairas) per day both.

In keeping with a Cointelegraph report, Haruna Mustafa, the director of banking supervision, said that “Prospects needs to be inspired to make use of different channels (Web banking, cellular banking apps, USSD, playing cards/POS, eNaira, and so forth.) to conduct their banking transactions.”

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