The Central Financial institution of Nigeria has capped each day ATM withdrawals at $45 to be able to encourage digital funds, together with the eNaira digital foreign money.
The restrict is the newest effort by Nigeria to discourage money utilization. The nation is ready to revamp high-value notes and is giving folks till January to modify out their outdated paper cash.
The central financial institution can also be planning to mint extra of its eNaira digital foreign money, which launched final 12 months however has but to take off, based on Bloomberg.
Says the central financial institution: “Clients must be inspired to make use of different channels—Web banking, cellular banking apps, USSD, playing cards, POS, eNaira to conduct their banking transactions.”