Coin Telegraph: Nigeria has drastically reduced the amount of cash individuals and businesses can withdraw as it attempts to push its “cash-less Nigeria” policy and increase the use of the eNaira — Nigeria’s central bank digital currency (CBDC).
The Central Bank of Nigeria issued the directive to financial businesses in a Dec. 6 circular, noting that individuals and businesses would now be limited to withdrawing $45 (20,000 Nigerian nairas) per day and $225 (100,000 nairas) per week from ATMs.
Individuals and businesses will also be limited to withdrawing $225 (100,000 nairas) and $1,125 (500,000 nairas), respectively, at banks per week, with individuals hit with a 5% fee and businesses with a 10% fee for amounts above those limits.
The maximum cash withdrawal via point-of-sale terminals is also capped at $45 (20,000 nairas) per day. Announcing the changes, the director of banking supervision Haruna Mustafa noted:
“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”
The limits are cumulative limits for each withdrawal, so an individual withdrawing $45 from an ATM who then tries to withdraw cash from a bank on the same day would be hit with the 5% service fee. Read More …
Opinion (in corroboration with VS): Nigeria is the most populous country in Africa with 211 million residents—nearly twice the population of Egypt— and a higher GDP per capita than the United Kingdom.
Nigeria is one of 11 countries that has launched a central bank digital currency.
To see the stage of development in each of 112 countries click on the CBDC tracker link:
112 Countries / Currency Unions Tracked
- 11 Launched
- 15 Pilot
- 26 Development
- 46 Research
- 10 Inactive
- 2 Canceled
- 112 countries, representing over 95 percent of global GDP, are exploring a CBDC
- 10 countries have fully launched a digital currency, with China’s pilot set to expand in 2023.
- Many countries are exploring alternative international payment systems.
- Of the G7 economies, the US and UK are the furthest behind on CBDC development.
- 19 of the G20 countries are exploring a CBDC, with 16 already in development or pilot stage.
- The financial system may face a significant interoperability problem in the near future
The logistics of transferring paper money to digital will be enormous and likely will encounter heavy resistance from every nation on earth.
Working backwards chronologically from Revelation 13:16-17, the mark of the beast, is at least 3.5 years away from the global acceptance of the CBDC:
Prophesies that come first:
- Rapture of the church and Bema Seat judgment – (1 Thessalonians 4:16-17; 1 Corinthians 15:51-52; 2 Corinthians 5:10)
- Countdown to tribulation
- Damascus is destroyed in one night (Isa. 17:1, 14)
- A coalition of 7 Arab nations marches on Israel (Ps. 83:1-8)
- Israel is victorious (Psalm 83:9-12), the war ends, and Israel becomes an exceedingly great army (Ezek. 37:10)
- Israel dwells securely (false peace); the wall of separation comes down (Ezek. 38:11)
- Gog Magog alliance: Russia (Iran/Turkey/North Africa) launch a surprise attack to take plunder (Ezek. 38:1-6, 12)
- God intervenes (Ezek. 38:18-23) no nation comes to Israel’s defense – God turns the nations against each other in confusion
- Jews recognize God’s hand in victory “from that day forward”, return to covenant relationship and demand a temple (Ezek. 39:22)
- The diaspora is complete and the House of David returns to the land “not leaving any behind” (Ezek. 39:28)
- Seven years of tribulation begin
- Antichrist arrives (Revelation 6:1-2)/Peace Treaty is confirmed between Israel and many (Daniel 9:27)
- 7 Seal Judgments: 7 Seal Judgments (Rev. 6:1-17, 8:1-6)
- Temple is built – animal sacrifice restored (Dan. 9:27)
- Revival of the Roman Empire, 10 nation confederacy formed. (Dan. 7:23)
- Charismatic world leader deposes 3 of 10 world leaders (Daniel 7:24)
- 7 Trumpet Judgments (Rev. 8:1-13)
- Rise of Antichrist, (11th king/Little Horn): (Jer 30:7 Dan. 7:8, 24; Rev. 13:1-8)
- Rise of the False prophet – Mark of the Beast (Rev. 13:11-12, 16-17)
“Surely the Lord God does nothing, Unless He reveals His secret to His servants the prophets.” Amos 3:7