Nigeria restricts ATM withdrawals to $45 per day in push to digital currency

Chris

Administrator
Staff member
Nigeria restricts ATM withdrawals to $45 per day in push to digital currency
Nigeria's economy is heavily dependent on the so-called informal sector
By Bradford Betz | Fox News

Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy. The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.

The Central Bank of Nigeria limited weekly over-the-counter cash withdrawals to 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with a processing fee required to access more.

more............... https://www.foxnews.com/world/nigeria-restricts-atm-withdrawals-45-per-day-push-digital-currency
 

Ghoti Ichthus

Pray so they do not serve alone. Ephesians 6:10-20
Jesus is coming folks. :nod

:bouncies :bouncies :bouncies :bouncies :bouncies



16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
John 3:16-18, KJV


6 Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.
John 14:6, KJV


:thankyou :thankyou :thankyou JESUS!!! :thankyou :thankyou :thankyou
 

Ghoti Ichthus

Pray so they do not serve alone. Ephesians 6:10-20
But...why is the emoji-person on the left ,(who seems very much as thankful and happy), left behind or as the Simpson's parody of the Left Behind film calls it "Left Below?"


J/K!!! I have a questioning mind and a weird sense of humor sometimes.

:)
Maybe the rapture emoji is a departed saint and the emoji on the left is a living saint? :stirpot
 

Aiyanna

Well-Known Member
I was talking to an IT guy while he was working on some issues we were having in branch. I had just read an article about several large banks doing a trial run with digital currency. The IT guy just started shaking his head at me telling me that would be absolutely impossible. He said there's no way in the world they could do away with paper currency, too many people and businesses rely on paper money. He started going on about how many jobs would be lost and banks would go under (he's not wrong, but since when did the gov care about jobs?).

I didn't argue with him. That wasn't the point of the discussion. But in the back of my mind I kept thinking about how, way back in the day, people thought moving at the speed of 50+ mph was impossible. Or flying in a giant machine.
Before covid, we didn't think it was possible for the government to enforce lockdowns, masks, and vaccines. Now we know that, not only is it possible, they tried, and they tried hard. The only thing that kept them from doing it was our Constitution (which is literally hanging by a thread with how badly it's been torn apart). So is it really too far out there, at this point, to believe that they could do away with paper money and force everyone to go completely digital?
With all that's happened these past few years alone, is anything really impossible at this point?
 

Tall Timbers

Imperfect but forgiven
So is it really too far out there, at this point, to believe that they could do away with paper money and force everyone to go completely digital?
With all that's happened these past few years alone, is anything really impossible at this point?

In much of the world the majority of people already hardly ever use cash for payments. If transaction fees were to become more reasonable, say a tenth of a percent per transaction, it wouldn't be long before almost nobody would be using cash. Most people have smart phones nowadays and it's not hard to digitally transfer money from one person to another, and it could conveivably get much easier.
 
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