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Nigeria allows ATM withdrawal up to 1 million VND/day to promote digital currency

In a statement on December 6, the Central Bank of Nigeria (CBN) said the maximum ATM withdrawal limit per day is 20,000 naira (1.07 million VND). The limit is drastically reduced compared to before (150,000 naira or 8.03 million VND/day).

The announcement also introduced new restrictions on weekly bank withdrawals, only 100,000 naira (5.35 million VND) for individuals and 500,000 naira (26.77 million VND) for organizations.

eNaira is released in 2021. (Image: Techafricanews)

The bank encourages customers to use alternative channels – Internet Banking, mobile banking, USSD, card, POS, eNaira – to conduct transactions.

The new regulation, effective from January 9, 2023, not only affects the use of cash, but is also a move to encourage Nigerians to embrace eNaira – a central bank-issued digital currency. (CBDC). eNaira was introduced last year but was not noticed.

With the government moving towards digital currency payments rather than cash, Nigerian merchants and businesses can access the trend of crypto payments around the world. According to a June report by PYMNTS, 77% of US stores accepting cryptocurrencies see the appeal of cryptocurrency transactions over traditional methods. The main reason they give is the lower transaction fees compared to methods such as credit cards and cash.

Other countries are also re-evaluating their CBDC applications.

(According to Bloomberg)

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