Market Analysis Report (07 Dec 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (07 Dec 2022)

Nigeria has drastically reduced the amount of cash that can be withdrawn at ATMs in a bid to push its “cashless Nigeria” policy and increase the use of the eNaira, the country’s Central Bank Digital Currency (CBDC).

In a newly issued directive to financial businesses, the Central Bank of Nigeria has noted that a withdrawal limit of ₦20,000 (around $45) per day is being imposed. The maximum that can be withdrawn per week is ₦100,000, or $225.

At banks, individuals will be limited to withdrawing the same amount per week, while businesses will be limited to ₦500,000, or $1,125. Above those limits, individuals will be hit with a 5% fee, while businesses will get a 10% fee.

Announcing the move, the Director of Banking Supervision Haruna Mustafa said:

“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”

The eNaira’s adoption rate has been low ever since the cryptocurrency launched in October 2021, with around 0.5% of Nigeria’s population reported to have used the CBDC so far.

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