Nigeria Bans Cash Withdrawal Higher Than 225$ To Encourage CBDC Use
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With the heating season this year, the energy market is attracting special attention. The war in Ukraine has not only damaged economies or caused an energy crisis, but also hinders the transition to zero carbon emissions.
In this article:
- The scramble for energy
- Energy crisis
- Commodities
- Nigeria's payment activities
- How to avoid spending transitions?
The scramble for energy
IMF tweets about the scramble for energy
The December 2022 edition of F&D Magazine focuses on the scramble for energy and what geopolitical tensions mean for the clean transition. https://t.co/KsNThOXgxY pic.twitter.com/CScbtFapks
— IMF (@IMFNews) December 6, 2022
A few years ago, in an era of abundant energy supplies, the world’s focus was on curbing fossil-fuel use to achieve net-zero carbon emissions. There has been progress in the technology that could help achieve this, and more and more people have access to them. Even with this progress, there may be a challenge. The current geopolitical situation caused by Russia's attack on Ukraine is delaying the transition to zero carbon emissions. Europe in particular, which is dependent on Russia for energy, is struggling the most. Despite this, experts are still looking for alternative solutions. Now we are witnessing that geopolitical tensions have an impact not only on the economy, but also on development in other sectors of life.
Energy crisis as seen from the German
Javier Blas tweets about the European energy crisis as seen from the German
“The lifeblood of Ludwigshafen is natural gas”
— Javier Blas (@JavierBlas) December 7, 2022
The European energy crisis as seen from the German town home to the world’s largest chemical complex.
(Why, would you ask, the world’s largest chemical complex is in Germany? Cheap Russian natural gas) https://t.co/3LoTQTvvKf
Germany is the largest economy and also has the largest gas factory. The driving force of Ludwigshafen is natural gas. It is a substance that flows through a dense network of pipes, fuel for power plants, raw material for chemical processes. And Russia's war in Ukraine knocked out its main supplier. Germany has the largest chemical industry in Europe by far, but is almost entirely dependent on imported energy and raw materials. Now the cost of this dependency is becoming clear. For the past summer, companies across Germany have been trying to wean off Russian natural gas. Of course, not only in Germany, but also for the European economy, the situation of this country is of particular importance. There are difficulties now.
Commodities
Bespoke tweets about gasoline futures and WTI.
Gasoline futures trade less than $30/barrel over WTI versus more than twice that at their peak last summer.
— Bespoke (@bespokeinvest) December 6, 2022
Read more in tonight's Closer: https://t.co/9kOPyy03bc pic.twitter.com/aYDQTQxUo1
When looking at energy resources, many people look at gasoline and oil. Recent OPEC+ and G7 decisions have had a big impact on prices. Attention gasoline and oil are especially important for owners of cars powered by these raw materials. Therefore, getting to know your surroundings is extremely important to be able to prepare for extraordinary expenses.
Nigeria’s CBDC
CoinGecko tweets about Nigeria's payment activities.
LATEST: Nigeria has banned ATM cash withdrawals over $225 per week to encourage use of CBDC.
— CoinGecko (@coingecko) December 7, 2022
📰 https://t.co/iJVTndbnhJ pic.twitter.com/hpW4xmKmJC
Nigeria is coming forward with the full-scale implementation of its digital currency. The actions taken are to encourage the use of this innovative means of payment. Whether it will bring the expected results, only time will tell.
How to avoid spending transitions?
Charles Schwab Corp in its tweet advises to avoid spending transitions to cash payments.
Need to stop overspending? Consider taking a credit card break and switching to cash. #AskCarrie https://t.co/xso38tG0yU
— Charles Schwab Corp (@CharlesSchwab) December 6, 2022
Shopping has become easier these days. Just go to the store's website, choose a product and pay. Online payments using krart take place in real time. The lack of control over this tube of purchases can lead us into financial trouble. Therefore, it is worth considering switching to cash payments where we can physically see how much money we have and how much we can afford. It is also worth thinking about savings to be able to build a financial cushion.
