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The Central Bank of Nigeria limits withdrawals to encourage using CBDC

Photo of JP JPDecember 8, 2022
Less than a minute
The Central Bank of Nigeria limits withdrawals to encourage using CBDC

Facing a lack of adoption for the first-ever CBDC in Africa, the Central Bank of Nigeria decided to put a limit on how much Nigerian residents will be able to withdraw from ATMS. Indeed, they will only be allowed to withdraw $45 per day and $225 per week. This new directive will be implemented in January 2023.
The eNaira was reportedly used by a mere 0.5% of the population.
Nigerians took quickly to cryptocurrencies, as the Naira keeps losing value against other currencies. However, after putting a ban on cryptocurrency, the proposed eNaira didn’t show any promise to citizens.

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Photo of JP JPDecember 8, 2022
Less than a minute
Photo of JP

JP

Greetings! My name is JP, I am based in the US and I am proud to be an author for Krypto Channel. Our news media company is committed to making crypto accessible to everyone, and my area of focus is on the entertainment and lifestyle side of things. Through my articles, I highlight how individuals and businesses are utilizing cryptocurrency in hotels, real estate, boats, cars, watches, and jewelry, and showcase the impressive rate of adoption around the world. My content includes both written articles and video features that take a deep dive into the world of crypto. I conduct interviews with prominent figures in the industry and provide viewers with an insider's look at the latest trends and innovations. As someone who is passionate about the transformative power of crypto, I am excited to be a part of Krypto Channel. Together, we can explore the amazing world of cryptocurrency and all the ways in which it is changing the way we live and work.
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