Nigeria bans ATM withdrawals over $225 per week to force people to use CBDCs

Nigeria has announced a significant reduction in the amount of cash that individuals and businesses can withdraw. as it seeks to push for a “cash-less Nigeria” policy and increase the use of eNaira, the Central Bank Digital Currency of Nigeria (CBDC).

central bank of nigeria leaveThe December 6 order states that individuals and businesses will be limited to withdrawals of $45 (₦20,000) per day and $225 (₦100,000) per week from ATMs.

Individuals and businesses are limited to bank withdrawals per week of $225 (100,000₦100,000) and $1,125 (500,000₦500,000) respectively, with individuals deducting a 5% fee and businesses subject to a 10% fee on excess amounts. such a limit

Previous daily cash withdrawal limits were $338 (₦150,000) for individuals and $1,128 (₦500,000) for businesses.

Regarding eNaira adoption rate, it has been “low” since its launch on October 25, 2021. As of October 26, the Central Bank of Nigeria attempted to convince the public to use CBDCs, with less than 0.5% of the population using eNaira as of date. October 25 ago

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