Nigeria has limited the withdrawal q of cash

Yugocean

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Government of Nigeria has limited the daily and weekly cash withdrawal from ATM and imposed fees on extra withdrawal from Banks. It is said to be an attempt to increase the use of CBDC.
Both individuals and businesses are forced.

 

Hate2Wait

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I don't think its a good move but what is CBDC?

 

Yugocean

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Ginger said:

I don't think its a good move but what is CBDC?

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Central Bank digital currency, an e version of paper currency

 

Hate2Wait

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Yugocean said:

Central Bank digital currency, an e version of paper currency

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Thanks. I hope India does not add any such restrictions because it'll be tough

 

Yugocean

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Ginger said:

Thanks. I hope India does not add any such restrictions because it'll be tough

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At present condition, there is no plan to promote eRupee too much.

 

cherry123

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Heard about this and I don't understand our government. With all the problems we are facing this is what they are facing to do.

 

Enxx

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Ginger said:

Thanks. I hope India does not add any such restrictions because it'll be tough

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We can't really say it will be tough because they are trying to impose cashless policies and it might reduce the corruption rate in the country.

 

cherry123

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Well whatever it is I hope it will be to the good of everyone that's how it should be

 

Hate2Wait

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Enxx said:

We can't really say it will be tough because they are trying to impose cashless policies and it might reduce the corruption rate in the country.

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So you mean you can pay online and this is just a withdrawal limit on ATMs?

 

cherry123

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Ginger said:

So you mean you can pay online and this is just a withdrawal limit on ATMs?

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Yeah that's what it means it's withdrawal from ATM s

 

Hate2Wait

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Then its fine but I don't think even that will help in any way to reduce or stop corruption

 

cherry123

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Ginger said:

Then its fine but I don't think even that will help in any way to reduce or stop corruption

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That's the funny part of it. I wonder how that will stop bribery and corruption in the country

 

eldavis

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Its more like the government is always looking for new ways to stress and frustrate the masses. We are still struggling with the current fuel price and the fact that there is hardly power supply.

 

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cherry123 said:

That's the funny part of it. I wonder how that will stop bribery and corruption in the country

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The thing is those who use corrupt practices still find a way to get these things done

 

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Ginger said:

So you mean you can pay online and this is just a withdrawal limit on ATMs?

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We should be able to pay online and make transfers.

 

Hate2Wait

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This is good then but I hope this somehow works and your country can prosper

 

Niyi Briggs

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It doesn't make any sense. We are not ready for a cashless economy. When we are still trying to stabilize 3g networks, you want to be trapping my funds anyhow.

 

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These things won't work because people find ways to still get their work done