The cash withdrawal restrictions imposed by the Central Bank of Nigeria (CBN) have made a strong case for Bitcoin as a solid store of value and a censorship-resistant currency.

Nigeria is currently facing a shortage of physical cash after the CBN redesigned its banknotes, causing the old bills of the local naira currency to become useless. The policy prompted citizens to flood banks and ATMs to swap their old bills for new ones.

With the redesign came a weekly cash withdrawal limit of 500,000 naira for individuals (around $1,087) and 5,000,000 naira (around $10,087) for organizations as of January 9. Despite the restrictions, Nigerians still find it difficult to lay their hands on the new notes as most banks and ATMs do not have the cash to dispense.

To make matters worse, Point of Sale (POS) transactions and fees, according to a report by The Guardian, have skyrocketed. Nigerians are forced to pay 2,000 to 3,000 naira ($4.3 to $6.5) for every 10,000 naira ($22) cash withdrawal via POS.