The Central Bank of Nigeria (CBN) has implemented a new policy limiting daily cash withdrawals via Point of Sale (PoS) terminals to N100,000 per customer. This measure is part of the CBN’s ongoing efforts to promote a cashless economy, address challenges, combat fraud, and establish uniform operational standards across the financial industry.
In addition to the PoS withdrawal limit, the CBN has set a weekly cash withdrawal limit of N500,000 per customer, regardless of the channel used. Each agent’s daily cumulative cash-out limit is capped at N1,200,000. These directives apply to all deposit money banks, microfinance banks, mobile money operators, and super-agents.
The CBN has emphasized that principals of agents are responsible for ensuring compliance with these directives and have warned that breaches will attract appropriate penalties, including monetary and administrative sanctions.
This policy aims to encourage the use of electronic payment systems, reduce the volume of cash in circulation, and enhance the efficiency of financial transactions in Nigeria.