• Nigeria recently launched a Central Bank Digital Currency (CBDC), the eNaira, which has introduced new financial policies and regulations.
• Restrictions on cash withdrawal from banks have been put in place to encourage people to use alternative options like CBDCs instead.
• The Nigerian government is using these regulations to force citizens into a cashless economy while positioning their surveillance CBDC as the final destination.


Heritage Falodun, a Bitcoin consultant and computer scientist based in Nigeria, writes an opinion editorial about how Nigeria’s central bank digital currency (CBDC), the eNaira, has led to financial policies, regulations and restrictions being imposed by the country’s central bank.

Cash Withdrawal Limits

In an effort to make consumers utilize alternative options like its CBDC, the Nigerian government has limited cash withdrawals from banks to around 100,000 naira per week with a daily limit of about $45. This has caused economic sabotage since the launch of the eNaira.

The Governor’s View

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) believes that this will ensure more people are financially included in Nigeria. He also believes that money must evolve from commodity-based systems to paper and then plastic before finally transitioning into digital forms — something which he thinks Nigerians should embrace for their own benefit.

Un-banking The Banked

However, what has happened on ground since the introduction of this policy is quite different; rather than banking those who don’t have access to financial services or products — it appears as though those already ‘banked’ are now ‘un-banked’ due to strict regulations on cash withdrawal limits set by CBN.


It is clear that these stringent measures imposed by the Nigerian government are mainly geared towards controlling citizens financially while positioning their surveillance CBDC as a mandatory destination for all payments and transactions — whether local or international. It is therefore important for Nigerians — especially youths who form 70% of its population—to stay informed about such developments so they can better understand their implications for them personally and collectively as a nation.

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