People queue at an ATM in Abuja, Nigeria [File: Afolabi Sotunde/Reuters]
FOX News: Nigeria restricts ATM withdrawals to $45 per day in push to digital currency
Nigeria's economy is heavily dependent on the so-called informal sector
Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy.
The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.
The Central Bank of Nigeria limited weekly over-the-counter cash withdrawals to 100,000 naira ($225) for individuals and 500,000 naira ($1,124) for corporations, with a processing fee required to access more.
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Update #1: Nigeria Caps ATM Cash Withdrawals at $45 Daily to Push Digital Payments (Bloomberg)
Update #2: Nigeria to limit cash withdrawals to $225 a week (Al Jazeera)
WNU Editor: Expect every country in the world to adopt this type of system in the years to come.
7 comments:
And the mark of the beast will soon follow.
Sitting in bar one afternoon and struck a conversation with a service member. They proceeded to tell me I was naive and ignorant. Not a pleasant conversation. Their point was that people especially business owners could get around taxation all day, every day. They can price things to minimize taxation. they can trade favors that way off the books. Sell a TV to a mechanic at a loss or a thin profit and the Car mechanic services you car the same way.
Large corporations practice this also. A Japanese car company will build or transfer to Mexico a transmission. They will underprice it and transfer it to an assembly factory in America. Most of the profits go to Japan.
Nationalize everything? You get the USSR and the grift goes on.
Taxation is like this. The smartest kids in the room do not believe this lesson.
Political asshats will never understand how the real world works. Beatings will continue until morale improves.
We either live as slaves, or we hang them. I don't see a middle ground. Their crimes are too big. Too horrific for a pardon or amnesty. They killed millions, orchestrated wars. Now, in the age of information - they want to tie you down, lock you up, make you dependent on them - before you understand what they are, what they do and what they have planned for you and me.
dey dem no hoo dey dem r
It might as well
Yep.
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