Herr Schwab, you’re behind this, aren’t you?
According to Bloomberg, only 1 in 200 Nigerians use the eNaira – despite government implemented discounts and other incentives, implemented as desperate measures to increase adoption.
Now, the government is looking to boost digital payments by limiting ATM withdrawals to just 20,000 naira, or roughly US$45 per day, Bloomberg reports, citing a circular sent to lenders on Tuesday. The previous withdrawal limit was 150,000 naira (US$350).
Weekly cash withdrawals from banks are now limited (without fee) to 100,000 naira (US$225) for individuals, and 500,000 naira (US$1,125) for corporations. Any amount above this will incur a fee of 5% and 10% respectively.
Looks like a test run for Trudeau and Biden’s digital currency.
Trust us we are from the government. It’s not like we have a history of telling you want you can and can not buy. It’s not like we will freeze your accounts.
In another “Trust us” moment, the city of Ottawa has mailed every home in the city an order to report how many people are living in that property by March, on pain of $250 fine. This outrage is ordered by city’s Vacant Unit Tax department, under the Municipal Act of 2001. This was passed by the Dalton McGuinty socialist clique. Premier Doug Ford should rescind this clause.
As I have already pointed out, this is mild tyranny. Also, I doubt they will find any vacant properties. Do you really think speculators or safe-haven seeking Chinese, or AirBnB landlord, will not have the form filled saying someone lives there, which will then require every residence to be visited by a municipal gestapo to verify.
And, of course, this info will be used for other purposes I am too naive to imagine.
But hey, it creates employment at city hall.
@Robert re reporting how many reside at each address.
“How many are living at XXX Elm Street?”
–
All of us. We bury the dead ones. If you don’t, they start smelling something awful.
Looking for homes for RoxamCanadians.
It’s basically a tax grab and could be achieved even without a CBDC. The big push in Canada will come when negative rates arrive. Expect the government to start limiting withdrawals in order to force people to accept perpetual losses on their chequing and savings accounts.
Something else to look for: when governments float bonds paying negative interest, expect changes to RRSP rules to mandate that a significant proportion of those investments must be in negative interest government bonds.
“Govern me harder, please Justin”
– Said 85% Canadians
Schwab had nothing to do with this. This is a tale as old as time: yet another bad country with bad monetary policy that isn’t being propped up by the US federal reserve’s lassitude. Contra above, the era of cheap money is over. I cannot stress enough the paradigm change to come. We’ve had interest rate repression for arguably since Volker left.
Yeah right….Nigeria itself decided to use the eNaira. Spin us another one.
Time to start using barter for everything.
I don’t think this is primarily a digital cash push. I think it’s more nefarious than that. To understand the situation in Nigeria you have to know that 85% of the country’s wealth is held by the citizens as cash outside any banking system. They don’t trust the government or the Central Bank…and rightly so. As a result, Nigeria’s economy is largely “informal.”
Now, the government has set an expiration date on large bill tender that will have to be replaced with the newly created tender. As of Jan. 31st old large tender will be worth exactly nothing. So, what happens when you show up to exchange your personal large tender for the new stuff? Well, the government and the Central Bank will now know exactly what your personal wealth is. They, also, know what you have been paying historically as personal income tax (Yes, Nigeria has a personal income tax that can be anywhere between 7% and 24%).
Personally, I think this is a tax grab by the government. The Central Bank is along for the ride to force Nigerians to put their funds in the bank instead of under the mattress. Nigeria has the largest economy of any African nation, but Nigeria can offer no stability because the citizens hold onto the money. Instead of developing a trust and earning integrity (which would result in free will of putting money into an institution)…the government has chosen to force the issue, and decay that trust even further. My guess is that there are a lot of Nigerians traveling next door to Chad, Cameroon or Benin and doing a currency exchange before exchanging it right back for small tender. That’s what I’d do.
Maybe they should send random emails around the world offering to send their money for someone to hold it for them.
I wonder if the 1 in 200 nigerians who use eNaira are employees of the government
Less than 1% use the CBDC, more than 35% use bitcoin.
Kenya has been using the m-pesa system for some time now. Introduced by the cell phone companies who have very extensive coverage.
I suspect the country may have become a test bed for some of these projects since the younger population is quite open to new ideas.
https://www.africabusinessportal.com/m-pesa-services-in-kenya/
Yeah….until the government shuts down their wallets. Boy, people who fall for this have got shit for brains. I mean Bre-X was bad enough but vapor?
M-Pesa works and is a brilliant innovation that keeps large parts of Africa working.
He admires their basic insolvency.
Why … these globalists are almost treating these “darkies” as less than fully human? Less capable of handling their own money in a responsible manner than the average human. These people sound like Democrats and their parochial beliefs about black folks and ID’s …
Those poor people, how does one convert two chickens, a cow and a sheep to cripto currency? These days the word fork off slips out way to often when some liberal loon starts espousing their one world government idiocy. I’ve never had much of a filter, and these days it seems to be full of holes-must be two years of enforced masking damaged it?
Speaking of Nigeria, I have a cousin there.
He is a Prince, and he is fabulously wealthy. Problem is, there was an accounting error and he needs your help……..if you would kindly send me your bank account number……….
(you know the rest)