Coming (Soon) to America: Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments
Posted by freedomforall 3 years, 4 months ago to Government
Excerpt:
"A staggering number of Nigerians love Bitcoin, but hate government cryptocurrency (CBDCs).
In April, leading cryptocurrency exchange KuCoin noted that 35% of the adult population in Nigeria - roughly 34 million adults aged 18-60, own bitcoin or other cryptocurrencies. But when it came to the country's Central Bank Digital Currency (CBDC), the eNaira, it was a massive failure.
According to Bloomberg, only 1 in 200 Nigerians use the eNaira - despite government implemented discounts and other incentives, implemented as desperate measures to increase adoption.
Now, the government is looking to boost digital payments by limiting ATM withdrawals to just 20,000 naira, or roughly US$45 per day, Bloomberg reports, citing a circular sent to lenders on Tuesday. The previous withdrawal limit was 150,000 naira (US$350).
Weekly cash withdrawals from banks are now limited (without fee) to 100,000 naira (US$225) for individuals, and 500,000 naira (US$1,125) for corporations. Any amount above this will incur a fee of 5% and 10% respectively.
...
What's more, new rules which will take effect Jan. 9 will ban the cashing of checks above 50,000 naira (US$112) over-the-counter, and 10 million naira (US$22,480) through the banking systems. Point-of-sale cash withdrawals have been capped at 20,000 naira ($45)."
"A staggering number of Nigerians love Bitcoin, but hate government cryptocurrency (CBDCs).
In April, leading cryptocurrency exchange KuCoin noted that 35% of the adult population in Nigeria - roughly 34 million adults aged 18-60, own bitcoin or other cryptocurrencies. But when it came to the country's Central Bank Digital Currency (CBDC), the eNaira, it was a massive failure.
According to Bloomberg, only 1 in 200 Nigerians use the eNaira - despite government implemented discounts and other incentives, implemented as desperate measures to increase adoption.
Now, the government is looking to boost digital payments by limiting ATM withdrawals to just 20,000 naira, or roughly US$45 per day, Bloomberg reports, citing a circular sent to lenders on Tuesday. The previous withdrawal limit was 150,000 naira (US$350).
Weekly cash withdrawals from banks are now limited (without fee) to 100,000 naira (US$225) for individuals, and 500,000 naira (US$1,125) for corporations. Any amount above this will incur a fee of 5% and 10% respectively.
...
What's more, new rules which will take effect Jan. 9 will ban the cashing of checks above 50,000 naira (US$112) over-the-counter, and 10 million naira (US$22,480) through the banking systems. Point-of-sale cash withdrawals have been capped at 20,000 naira ($45)."
I'm trying to preserve it by using it when possible. I use dollar coins instead of bills because they have a lower cost to maintain. I want cash to persist as long as possible
That is not what America stands for.
NIFO.
My thought is this. They can close the bank, but when AmEx says... I need his payment... It's not a withdraw... And the money was there. So it's on the bank. Let AmEx collect it... They have better lawyers...
So, my view is that you should have 1yrs living expenses available. And at least 1/2 of that is outside the bank. And you have CCs to absorb big items. Most bank problems are resolved in 30-60 days. Even within 90 days in Cypress.
But always plan for more extreme times.
Keep it separated, and have a grab and go setup in case you have to flee.
My wife hates that I keep about $500 cash on me... I don't spend it. It's what I think is more than enough to get me home in a jam, or out of a jam.
Congrats to you!