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56 sats \ 4 replies \ @shyfire 7 Dec 2022 \ on: Nigeria's central bank limits bank withdrawals in cash to N100k/day, N500k/week bitcoin
Would be great to have a report from a boots on the ground Nigerian about what the general sentiment is about this.
I'm Nigerian.
Well, the situation on the ground is kind of one of apprehension. At least for me personally.
The limit is basically 20,000 naira for cash withdrawals at the ATM. That's basically $30.
It might not really be much of an issue for mid to large-scale commerce, as you can easily do a bank transfer.
But there are a lot of people that don't have a bank account. Especially market women and the like.
On multiple occasions, I have had to spend more than 20,000 naira while buying things at the market. So, in those situations, I'll basically be stuck in limbo since I can't withdraw more than 20,000 naira a day and the market women won't accept bank transfer since they don't have accounts.
The policy would roll out yet, so we'll see how things go.
One solace available is that the current president leaves office next year, and with him, the nincompoop that is the CBN governor. Hopefully, the regulation would be changed when he leaves.
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Ah I see, so they announced the policy but haven't implemented it yet. That's somewhat of a relief. I'll be monitoring closely. Thanks for the update!
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Have you no empathy at all?
They can't have their money. The government kinda stole it.
They're pissed. No interviews needed.
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Going ad hominem on someone asking a simple good faith question is uncalled for.
The median salary in Nigeria is $750, and I suspect many locals will not be upset by this. I am trying to get more info in an effort to understand what the feelings are of the locals. That is literally the definition of empathy.
Anyway, having knowledge about how this CBDC rollout progresses is crucial as we observe a global rollout of CBDCs. We need knowledge of how it's going fiscally. How it's going for the people. How it's going on all levels.
If it's working well for the government and the people are docile (which is what I expect) that does not bode well for the rest of us.
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