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The Nigerian government has now banned weekly ATM withdrawals of more than $225 (100209.77 NGN) to increase the use of central bank digital currency (CBDC) among the public, as a result, this will further promote the eNaira.
The African country has a daily ATM withdrawal limit of $45 (20,016.45 NGN). Businesses will also be limited to withdrawing $1,125 (500,000 nairas).
For Payments above these Limits, individuals will have to pay a 5% fee, and businesses will have to pay a 10% fee.
While the countries like India and China are still in the process of testing their national digital currencies.
Besides promoting the use of eNaira, the government is also encouraging people to use online payments and mobile banking.
The Nigerian government stated, “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, cards, eNaira, etc.) to conduct their banking transactions.”
Also Read: Indian Central Bank to Launch Pilot for Retail CBDC on December 1
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