Nigeria Bans ATM Cash Withdrawals Over $225 a Week to Force Use of CBDC
This right here is why we need Bitcoin. The levels of control coming around the world can only be ceased by mass adoption and use of Bitcoin and shunning CBDCs and all they bring
Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
“The Central Bank of Nigeria issued the directive to financial businesses in a Dec. 6 circular, noting that individuals and businesses would now be limited to withdrawing $45 (20,000 Nigerian nairas) per day and $225 (100,000 nairas) per week from ATMs.
Individuals and businesses will also be limited to withdrawing $225 (100,000 nairas) and $1,125 (500,000 nairas), respectively, at banks per week, with individuals hit with a 5% fee and businesses with a 10% fee for amounts above those limits.
The maximum cash withdrawal via point-of-sale terminals is also capped at $45 (20,000 nairas) per day. Announcing the changes, the director of banking supervision Haruna Mustafa noted:
‘Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.’
The limits are cumulative limits for each withdrawal, so an individual withdrawing $45 from an ATM who then tries to withdraw cash from a bank on the same day would be hit with the 5% service fee.”
