The Nigerian state has without discussion limited the withdrawal of cash to its citizens to 'encourage' the use of the Digital Currency of the Central Bank of Nigeria (CBDC), eNaira and to support the policy enacted by them which is "cash-less Nigeria".
The policy aims to make the payment system more efficient, reduce the cost of banking services and improve the effectiveness of their monetary policy.
Informed by the Central Bank of Nigeria to companies that offer financial services, people are allowed to withdraw their money from ATMs as much as $45 per day while $225 (individuals) or $1,125 (businesses) a week.
While the maximum withdrawal through the point of sale (POS) terminal is limited to $45 per day, individuals and businesses that withdraw more than that limit should be charged a fee of around 5% and 10%.
According to Director of Banking Supervision Haruna Mustafa, customers are encouraged to use alternative channels such as Internet banking, mobile banking applications, USSD, cards/POS and eNaira to conduct their respective banking transactions.
He added that individuals who wish to withdraw $45 from an ATM and cash from a bank on the same day will be charged a 5% service fee.
The National Bank of Nigeria is now trying to encourage people to use CBDC following the population using eNaira since its inception on October 25 is still less than 0.5%.
According to the Governor of the central bank of Nigeria, Godwin Emefiele explained that most eNaira circulation has been made by non-banks by 85% and he is confident that his country's digital payments can grow rapidly.
