0 sats \ 3 replies \ @KenyaCoin OP 6 Dec 2022 \ on: Nigeria's central bank limits bank withdrawals in cash to N100k/day, N500k/week bitcoin
After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
  • Weekly withdrawals through automated teller machines (ATMs) will be reduced to N100, 000 per individual. Withdrawals through this channel will also be subject to an N20, 000 daily withdrawal limit.
  • In the same vein, the daily withdrawal limit through a point of sale (POS) terminals is N20, 000.
  • Note that the new N500 and N1000 banknotes will not be withdrawn through ATMs, as only N200 and below will be made available through the channel.
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1 sat \ 2 replies \ @KenyaCoin OP 6 Dec 2022
At the parallel market rate (also known as "street rate", or sometimes the "black market rate") of N740 per USD, that means the withdrawal limits are (currently) $135/day, and $675/week.
The value of the N200 notes that are dispensed by the ATMs is $0.27 each. There are no denominations of notes with a different value dispensed by the ATMs.
https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market
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0 sats \ 1 reply \ @KenyaCoin OP 7 Dec 2022
Math fail on my part, sorry. The correct amounts are as follows:
At the parallel market rate (also known as "street rate", or sometimes the "black market rate") of N740 per USD, that means the withdrawal limits are (currently) $27/day, and $135/week.
Imagine trying to withdraw your $27 worth of funds, and waiting on the ATM to finish spitting out the quantity of 100 for the N200 notes.
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0 sats \ 0 replies \ @KenyaCoin OP 11 Dec 2022
And the per-day is even misnamed, since they account for withdrawals only 5 days per week. If you divide the $135 by 7 days instead, that means using cash withdrawals, at an average daily rate, provides only $19 per day of purchasing power.
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