Nigeria Pushes CBDC Usage ATM Limits – Bitcoin Magazine

The Nigerian government has placed new restriction and limits on the amount of cash that citizens can withdraw from ATMs. The decision appears to be an attempt to further promote the country’s new CBDC, eNaira.

The directive requires citizens and businesses not to withdraw amounts exceeding $45 (20,000 naira) per day and $225 (100,000 naira) per week from ATMs. Bank withdrawals over $225 (100,000 naira) and $1,125 (500,000 naira) will incur a processing fee of 5% for individuals and 10% for businesses.

The order also states that terminal refunds at the point of sale also cannot exceed $45 (20,000 naira) per day.

According to a Cryptocurrency reportHaruna Mustafa, director of banking supervision, stated that “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, card/POS, eNaira, etc.) perform their banking transactions.”


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