Nigeria urged citizens to use the eNaira and other channels by the central bank.
Who breach the limits imposed by the government will be charged.
Nigeria has significantly reduced the daily cap on cash withdrawals from ATMs to encourage the usage of ‘eNaira,’ the Central Bank of Nigeria’s digital currency (CBDC). Individuals and organizations, who violate the government-imposed restrictions will be penalized between 5% and 10%.
To enhance digital currency circulation the central bank restriction is knocked on each withdrawal, whether they are done at an ATM or a bank. Also, a 5% charge will be applied to people who withdraw $45 from an ATM and then attempt to withdraw money from a bank on the same day.
Nigeria’s First Move to Improve Digital Currency Adoption
The eNaira adoption levels have been weak since its first launch on the 25th of October 2021. 0.5% of the population was estimated to have used the eNaira as of October 25, a year after its inception, which indicates that
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