The Central Bank of Nigeria (CBN) has directed banks across the country to implement a daily withdrawal limit of N100,000 per customer on point-of-sale (POS) terminals, citing ongoing cash scarcity.
This directive was communicated in a recent circular titled *“Cash-out Limits for Agent Banking Transactions,” which also detailed additional measures to regulate cash withdrawals.
According to the CBN, the restrictions are part of its efforts to promote a cashless economy, address operational challenges, curb fraud, and establish uniform standards within the banking industry.
The circular specifies that:
– A weekly cash withdrawal limit of N500,000 per customer will apply, regardless of the channel used.
– Agent banking terminals must enforce a daily cash-out limit of N100,000 per customer.
– Agents are restricted to a cumulative daily cash-out limit of N1,200,000.
This announcement follows the recent imposition of a N150 million fine on banks found distributing new naira notes to currency hawkers. Additionally, last month, the apex bank introduced fresh measures to tackle the persistent naira scarcity.
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