1 sat \ 2 replies \ @KenyaCoin OP 6 Dec 2022 \ parent \ on: Nigeria's central bank limits bank withdrawals in cash to N100k/day, N500k/week bitcoin
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
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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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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