CBN reduces cash withdrawal limits: What does this mean for you?

This episode is also available on YouTube - https://youtu.be/Xi1ec1PYKRI

Today on the Techpoint Africa Podcast, our reporters discuss the new withdrawal restrictions imposed by the Central Bank of Nigeria (CBN).

On Tuesday, December 6, 2022, the CBN issued a new directive to reduce withdrawal at ATMs and PoS terminals to ₦‎20,000 ($27) per day to further cashless policy. We look at how it will affect citizens, especially those operating in the informal sector.

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Timestamps
00:00 - Intro
03:12 - Why is CBN doing this
04:29 - Inflation or cashless policy: CBN's endgame
05:50 - What this means for Nigeria's cash-driven economy
08:28 - Who are the biggest winners

Useful links

• CBN reduces withdrawal at ATMs, PoS, to ₦‎20,000 ($27) per day to further cashless policy
• 6 ways the CBN’s cash withdrawal limit could benefit Nigeria’s telecom companies, from new revenue streams to increased customer penetration
• N26.17 Trillion was Unbanked in 2021 
• Nigeria commissions Omeife, its first humanoid robot
• FTX-funded Chipper Cash lays off employees one year after raising $150 million
• FTX marked down Chipper Cash’s $2B valuation to $1.25B 
• After raising $140m+ from 3 funding rounds in 2022, mobility startup, Moove quietly “dismisses” employees

This episode was produced by Ogheneruemu Oneyibo and Gracious Sede

Email us your feedback at [email protected]. Visit www.techpoint.africa for more stories.

Music - Beach by MBB