CBN New Naira Design Policy
And you will be charged a processing fee of as much as 10% depending on the withdrawn amount
Greetings!
Despite all efforts by the Nigeria APEX bank to curb the fx <> NGN fiasco, nothing seems to change. Instead, the currency swap is heading for $1 = NGN1,000 and we all are relying on a strategy called hope so it falls down to $1 = NGN425. Pipedream.
Last week, CBN has placed a limit on what individuals and businesses can withdraw over the counter. For individual, it is N100,000 while N500,000 for businesses. Any amount after that attracts processing fees of 5%. and 10% respectively. For ATMs, you can only withdraw N100,000 per week. That is, N20,000 per day.
It was not all gloomy as most of us heard of the magical AI guy from OpenAI called ChatGPT - an amazing human interaction. Before you take it for a ride, the below content is a poem for you - “Write an interesting and funny poem abut Christmas that I can send to my readers”. Now, you can take it for a ride! Or scroll to see what happened in Africa tech this week.
Sam.
"Oh Christmas tree, oh Christmas tree, How shiny are your ornaments and balls, But without presents, You're just a tree in a mall."
This Week in Tech.
National Startup Investment Fund (NASIF) is a fraudulent website.
NASIF is posing as an initiative created by Nigeria’s federal ministry of industry, trade and investment, the Bank of Industry, and the African Development Bank to support 100,000 businesses with mentorship and funding. Tech Cabal
Google is shutting down Duplex on the Web
Another Google service will soon join the company’s graveyard of apps. The search giant quietly announced this week it is shutting down Duplex on the Web. Engadget
CBN Naira redesign policy - revised cash withdrawal policy
In compelling circumstance, not exceeding once a month, where withdrawals above the prescribed limits is required for legitimate purpose, such cash withdrawals shall not exceed N5,000,000 and N10,000,000 for individual and corporate respectively. Exceeding this amount calls for processing fees of 5% and 10% respectively. CBN
How ENaira Recorded N8bn Transactions In 1 Year – CBN
The eNaira recorded a total digital transaction value at about N8 billion as of the end of October 2022, one year after its take-off, the Director of Information Technology of the Central Bank of Nigeria (CBN), Hajiya Rakiyat Mohammed, has said.
Rakiyat stated this while delivering an address at the presentation and unboarding of the e-naira session during the second Africa Payment Systems Conference on Monday in Abuja. Daily Trust
Africa’s youths can help solve the global tech talent shortage
With Africa’s working-age population projected to be 1.3 billion in 2050, and with countries such as Kenya making it mandatory to teach programming skills in primary and secondary school, it is difficult to justify neglecting Africa as a hub for supplying tech savvy people to the rest of the world. Brookings
Jack Dorsey’s Block backs bitcoin mining company that wants to bring 25-cent electricity to rural Africa
Maingi and her two colleagues founded a venture called Gridless to see whether the additional demand of bitcoin miners on these semi-stranded assets could make renewables in Africa economically viable — and crucially, whether the additional source of energy could power communities previously out of reach of microgrids that electrify parts of Africa. CNBC
About This Week in Tech.
Every Thursday, at 10am, you will get a quick-to-read brief of what has happened in tech in the last 7 days.
Cheers!
This Week in Tech
For Adverts, send us an email - at giantaffairs@gmail.com OR call - 08074727030 | See Africa Tech Memo Ad Rate