The Central Bank of Nigeria (CBN) has instructed banks in Nigeria to establish a daily withdrawal limit of N100,000 for customers using point-of-sale terminals across the country due to a shortage of cash.
This directive was communicated in a circular titled “Cash-out limits for agent banking transactions” sent to all Nigerian banks by the apex bank.
The Central Bank stated that this measure is part of their continuous efforts to promote a cashless economy.
The aim of these interventions, as outlined in the circular, is to tackle existing challenges, prevent fraud, and ensure consistent operational standards within the banking industry.
“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,” the statement reads partly.
