CBN Sets N100,000 Cash-Out Limit For POS Daily Withdrawal
The Central Bank of Nigeria has ordered Nigerian banks to fix N100,000 per day as a withdrawal limit for customers on point-of-sale terminals nationwide amid cash scarcity.
CBN expressed this in a recent circular directed to all Nigerian banks, titled ‘Cash-out limits for agent banking transactions,’ which outlines other measures.
According to the Apex bank, the restriction is in line with CBN ongoing efforts to advance a cashless economy.
The interventions aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.The circular read.
The statement reads partly.
“Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.
“To ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.
“Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,”
This comes days after CBN slammed N150 million as a fine on banks issuing new notes to hawkers.
Recall in November 2024, CBN announced fresh measures to address the Naira scarcity.
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