Nigeria sets withdrawal limits at ATMs to support CBDC

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Nigeria-sets-withdrawal-limits-at-ATMs-to-support-CBDC

The Nigerian government has decided to implement a restriction on weekly ATM withdrawals of more than $225 (100209.77 NGN) in an effort to encourage more people to use the central bank’s digital currency (). As a consequence, this would further promote the usage of the eNaira.

Nigeria-sets-withdrawal-limits-at-ATMs-to-support-CBDC
Nigeria-sets-withdrawal-limits-at-ATMs-to-support-CBDC

The African nation imposes a restriction of $45 per day on the amount that may be withdrawn from ATMs (20,016.45 NGN). Additionally, the maximum withdrawal that a company may make is $1,125. (500,000 nairas).

Individuals will be required to pay a 5% charge for Payments that are in excess of these Limits, while corporations will be required to pay a 10% cost.

While nations like India and China are currently in the testing phase of their own national digital currencies.

In addition to pushing the usage of eNaira, the government is also encouraging citizens to make payments online and bank using their mobile devices.

Customers should be encouraged to utilize alternate channels (Internet banking, mobile banking applications, cards, eNaira, and so on) to complete their financial activities, according to a statement released by the government of Nigeria.

Compiled by Coinbold

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