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AS ITS CENTRAL BANK LIMITS CASH AND PUSHES A CBDC, NIGERIA NEEDS BITCOIN

• https://bitcoinmagazine.com by HERITAGE FALODUN

This is an opinion editorial by Heritage Falodun, a Bitcoin consultant and computer scientist based in Nigeria.

Nigeria, Africa's most populous country, introduced a central bank digital currency (CBDC), the eNaira, into its financial system in late 2021, an action that paved the way for different sets of financial policies, regulations and restrictions from the country's central bank.

In an attempt to drive consumers toward alternative options, like its CBDC, the Nigerian government has now put restrictions on the amount of cash that can be withdrawn. It has limited cash withdrawal from banks to about $225, which is around 100,000 naira per week, with a daily limit of about $45. This is another example of how Nigeria's financial terrain has been a rollercoaster of economic sabotage since the launch of the eNaira.


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