BPR: If you want to see the Orwellian dangers of a digital central bank currency, look no further than Nigeria, where citizens will soon be able to withdraw only $45 per day from the ATM as the nation strong arms its way to 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,” Fox News reports.
Weekly over-the-counter withdrawals have been limited by the Central Bank of Nigeria to the equivalent of $225 (100,000 naira) for individuals. Corporations can take out $1,124 (500,000 naira) per week. If more is needed, a processing fee will be required.
“When the policy takes effect in January, ATMs will no longer dispense Nigeria’s high denominations of 1,000 naira ($2.25) and 500 naira ($1.10) while withdrawals from ATMs and point-of-sale terminals also will be limited to 20,000 naira ($45) daily,” explains Fox News.
According to the bank’s director of banking supervision, Haruna Mustafa, cash withdrawals may be allowed in “compelling circumstances, not exceeding once a month.” MORE