The Central Bank of Nigeria (CBN) recently released a new circular on Naira cash withdrawal limits on the 21st of December,2022 as a result of feedback from relevant stakeholders in response to its earlier circular on cash withdrawal limits issued on the 6th of December,2022.

This article will be focused on the provisions of this circular and their regulatory effects on financial transactions in Nigeria.

The provisions of this circular are as follows :-

– The maximum weekly limit for cash withdrawals across ALL channels by individuals and corporate entities shall now be 500 Thousand Naira and 5 Million Naira respectively.

– In compelling circumstances where cash withdrawals above the limits earlier mentioned are requested, such requests shall be subject to a processing fee of 3% & 5% for individuals and corporate entities respectively.

– Further to the paragraph mentioned above, a Financial Institution (FI) shall obtain the following information from the customer at the minimum and upload same on the CBN portal created for the purpose :-

1. A valid means of identification.

2. The Bank Verification Number BVN of the payee.

3. The Tax Identification Numbers(TINs) of both the payer and payee.

4. An approval in writing by the Managing Director/Chief Executive Officer of the FI authorizing the withdrawal.

– 3rd party cheques above 100 Thousand Naira shall not be eligible for payment over the counter while the extant limit of 10 Million Naira on clearing cheques still subsist.

– Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision, Other Financial Institutions (OFIs) & Payment Systems Management Departments as applicable.

– Compliance with extant Anti-Money-laundering & Combating the Financing of Terrorism (AML/CFT) Regulations relating to KYC (Know-Your-Customer) , ongoing CDD (Customer Due Diligence) & CTRs/STRs ( Currency Transaction Reports & Suspicious Transaction Reports) is mandatory in all circumstances.

– Customers should be encouraged to use alternative channels (interest banking, mobile banking apps, USSD, cards and Point-of-Sale (POS) terminals, E-Naira, etc) to conduct their banking transactions.

– Bank & mobile money agents are important participants in the financial system, enabling access to financial services in underserved and rural communities. They will continue to perform the strategic functions in line with existing regulations governing their activities.

– These directives supersede the earlier provisions contained in the CBN Cash Withdrawal Limit circular of December 6,2022.

Legal Opinion

While still constituting a limitation on the right to own and use moveable and immoveable property guaranteed in the 1999 Constitution of the Federal Republic of Nigeria (as amended), the recent cash withdrawal limit policy is a major improvement.

The circular was however unclear about the specific sanctions to be levied in cases of violations of its provisions and also failed to identify the scope of its directives which at best qualify as Regulatory fee impositions easily susceptible to a reversal. The CBN also failed to properly state the reasons for this directive and how it can help achieve its cashless Policy and financial inclusion objective regarding underbanked sections of the country.

These concerns need to be looked at and addressed.

2022 has been quite the year, and if you’re looking for the right knowledge to help you position yourself nicely for 2023, you’ll find some information posing a golden opportunity to make money for you in the new year. Here are the top four cryptocurrencies predicted for a big move in 2023: Ethereum ($ETH), Cosmos ($ATOM), Filecoin ($FIL), and Big Eyes Coin ($BIG).

Ethereum (ETH): Giant Cryptocurrency Remains Most Popular Layer 1

The actual story in 2022, when we look back on it in ten years, won’t be the several crashes that have happened this year but rather the fact that Ethereum (ETH) released proof-of-stake and remained the most popular layer 1. We are seeing the foundation of humanity’s social, economic, and political operating system evolve in Ethereum. The Merge update is arguably the biggest occasion in the landscape since Satoshi’s Bitcoin Genesis Block in 2009. After the Merge, Shanghai is the next update scheduled for the second quarter of 2023. Shanghai will allow withdrawals of Ether(ETH) stakes, which have been locked in the deposit contract since staking was permitted in December 2020. EIP-4844 is another Ethereum invention, following the Shanghai upgrade, that will solidify Ethereum’s position as the most widely used layer 1. Proto-danksharding will be made possible by EIP-4844. It is suggested that proto-danksharding be used as a first step toward complete sharding, which will aid layer-2s in scaling. Danksharding is a form of sharding that uses a “merged market fee,” where each shard has its own set of blocks but only has one block proposer in common. Ethereum has an upgrade lineup for the next few years that would set it up for being fully scalable and 100% complete, and you should take advantage of the growth.

Cosmos (ATOM): Interconnected Chains Between Blockchains

Cosmos (ATOM) is not just a blockchain network but a galaxy of interconnected chains. The network is looking to improve interconnectivity and transform competition into a community with its unique approach. Cosmos has continued to become more appealing as developers and uses clamor for better personalization features. The inter-blockchain communication (IBC) standard, a technology created to resemble the early inventions of the TCP/IP layer in Web2, is used by all chains, which is significant. Bridges have been the most profitable attack vector for malicious hackers, totaling a staggering US$2.5 billion since 2020. A common communication layer is only logical. In addition, developers will be compelled to accept and own more of the blockchain stack as blockchains have been more widely used. A variety of modifications will be present, and Cosmos is front-lining the solution to all of this.

Filecoin (FIL): Decentralised Data Economy

Filecoin (FIL) network continues to grow at a fast rate as the network brings an unbelievable amount of hardware to the network. Despite the harsh market conditions and the FIL losing a lot of value, the solution still looks promising as it becomes an independent layer-1 protocol, opening the path for the world’s largest decentralized data economy. It has grown to become the world’s biggest decentralized storage network. More than 4,000 storage providers provide 16 exabytes (EIB) of storage, and the network has restored client data 15 times this year, which would be sufficient to store the Internet Archive in its entirety 275 times. Although there is still a long way to go, there is a plausible path for Filecoin to expand more than ten times from here to compete with the centralized cloud industry.

Big Eyes Coin (BIG): Launches 200% Bonus Code To Fuel Its Launch

Big Eyes Coin (BIG) is a new meme coin project primed for success in the coming year. Memecoins have always shown that they do not need to bring a hefty solution to the market to command a price rally. They have always had that reputation, and Big Eyes seems to be next in line as Dogecoin (DOGE) and Shiba Inu (SHIB) have become overpriced for an explosive price pump. Big Eyes seems to be at the perfect price for enormous returns, and investors continue accumulating the token on presale.

In order to bring the launch ahead, use the code LAUNCHBIGEYES200 to receive a HUGE 200% BONUS bringing our launch closer!

By using the code, you will be getting a 200% bonus on your purchase! To clarify further,  when you purchase 10$ worth of Big Eyes using the code LAUNCHBIGEYES200 it will show as 30$ (200% bonus) on the buy page. If they do not reach an additional 12 million by the end of January, the Big Eyes team will continue the pre-sale as normal.

For More Information On Big Eyes Coin (BIG):

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Making money in the cryptocurrency market is mostly about knowing what to invest in and when to invest in these tokens. Being early is one way, and being smart is the other. Investing in a coin like Big Eyes Coin ($BIG) on presale means you are early to the community, and you get to make the first profit when the token launches. The Big Eyes team is always running community-rewarding promotions, and they just launched their biggest promotion ever. Get 200% bonus tokens on any purchase in their presale – more details below! Other investments aside, presale tokens are low- or middle-risk assets that can still pump your bags. Here are four cryptocurrencies that experts believe could make your 2023 a profitable one. Let’s find out about them below.

Shiba Inu (SHIB): Impressive Meme Coin With Extensive Ecosystem

Shiba Inu (SHIB) is the second biggest meme coin project in the cryptocurrency market and the first to integrate DeFi functionalities into the meme coin meta. It is a meme coin project built on the Ethereum blockchain to offer users the best DeFi functionalities and the opportunity to make massive gains. Big Eyes Coins offer its decentralized exchange where users can swap their tokens without needing a third-party system. Shiba Inu is also looking to expand into the metaverse by launching its Shibaverse. The network claimed that the Shibaverse would be a platform where users can get maximum interaction, fun, and exploration. It also claimed that users would get numerous opportunities to earn in its metaverse.

Decentraland (MANA): Metaverse Meets Crypto

Decentraland (MANA) is one of the biggest metaverse projects in the crypto landscape, and it looks to push for more metaverse initiatives in the future. Although the metaverse remains a relatively new concept in the blockchain ecosystem, we are beginning to see some interesting adoptions that make it as relevant as other integrations. Decentraland is a cryptocurrency well at the forefront of metaverse offerings and new additions that could be useful to the everyday person.

Axie Infinity (AXS): Low-Risk, High-Potential Investment Option

Axie Infinity (AXS) is another metaverse project and a low-risk investment in your portfolio. The coin still sells at a relatively low price. Hence, it can be easily bought with a small amount of investment. Axie is a cryptocurrency that appeals to gamers and investors interested in the play-to-earn offering. It is a system where users make money while playing games with the Axie creatures. Gamers can explore the platform by breeding their creatures to become strong enough to win battles. And they get rewarded handsomely for every game won. Axie Infinity is about playing games, having fun, and earning rewards at every point of users’ interactions.

Big Eyes Coin (BIG): Meme Coin With Thriving Community

Big Eyes Coin (BIG) is a meme coin looking to break into the DeFi space. It is a cat-themed project intending to usher in a new era for the meme coin meta. It looks to replicate the success of Dogecoin and Shiba Inu, but it’s also considering the possibilities of surpassing these coins. The meme coin meta has been filled with a saturated dog-themed narrative since Dogecoin was introduced. And the Big Eyes Coin says it’s about changing that narrative. The meme coin looks to create a new community for more cat meme coins to grow and develop.

In addition, it is looking to bring in some interesting utilities like NFTs, gaming, and many others. With these utilities, the network claims that users will get a chance to earn more and get involved in community interactions. Big Eyes Coin is currently in its 8th presale stage and with this comes more opportunities to buy at the lowest price you’ll ever get. In order to bring the launch ahead, use the code LAUNCHBIGEYES200 to receive a HUGE 200% BONUS bringing our launch closer!

By using the code, you will be getting a 200% bonus on your purchase! To clarify further,  when you purchase 10$ worth of Big Eyes using the code LAUNCHBIGEYES200 it will show as 30$ (200% bonus) on the buy page. If they do not reach an additional 12 million by the end of January, the Big Eyes team will continue the pre-sale as normal.

Enter the Big Eyes Coin (BIG) presale now, and don’t miss a unique opportunity to make profits:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL