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The Central Bank of Nigeria (CBN) has reorganised its ATM withdrawal limitations in an effort to increase transactions with its digital currency.
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An individual may only withdraw 20,000 Naira ($45) from an ATM in a single day, the Central Bank of Nigeria said in a news release on Tuesday, December 6th. Previously, the daily limit was 150,000 Naira.
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Additionally, the weekly bank withdrawal caps for individuals are set at $225 and for businesses at $1,125, with a 5% fee for individuals and a 10% fee for businesses for amounts above the caps.
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The same applies to the daily cap on cash withdrawals from point-of-sale machines, which is $45.
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Since the limits are cumulative, Nigerians who withdraw $45 from an ATM and then attempt to withdraw cash from a bank within 24 hours will be charged a 5% service fee.
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In a press release, the central bank stated that customers should be encouraged to conduct their banking transactions through alternative channels such as eNaira, USSD, cards, and mobile banking apps.
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The new regulations, which go into effect on January 9, according to the central bank, will not only significantly decrease the use of cash.
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However, you should also urge Nigerians to use the nation's newly created digital currency.
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According to CoinEdition, the eNaira has had a low rate of adoption since it first launched.
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The Central Bank of Nigeria has had trouble convincing its citizenry to use the CBDC because less than 0.5% of the population has used the eNaira.
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