As the world gets into the festive mood to ring out the old and ring in the new, the Federal Republic of Nigeria, the West African country situated in the Gulf of Guinea, has curtailed the amount of cash individuals & businesses can withdraw as it pushes its “cash-less Nigeria” policy to encourage the use of eNaira, Nigeria’s Central Bank’s Digital Currency (CBDC).
In a circular issued to financial institutions, the Central Bank of Nigeria stated that individuals and businesses would now be limited to withdrawing $45 per day and $225 per week from ATMs.
Individuals and businesses will also be limited to withdrawing $225 and $1,125 per week from banks, with individuals charged a 5% fee and businesses charged a 10% fee for amounts exceeding those limits. Cash withdrawals from point-of-sale terminals are also limited to $45 per day.
Adoption rates for eNaira have been low since its launch on Oct. 25, 2021. As reported by Cointelegraph on Oct. 26, the Central Bank of Nigeria has struggled to convince its citizens to use the CBDC, with less than 0.5% of the population reported having used the eNaira as of Oct. 25, a year from its launch.
According to a CBDC tracker from the American think-tank, Atlantic Council, Nigeria is one of 11 countries to have fully deployed a CBDC, 15 other countries have launched pilot programs with India set to join the ranks later this month.
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