The Central Bank of Nigeria (CBN) has announced a daily cash withdrawal limit of N100,000 per customer for Point of Sale (POS) transactions, effective immediately.
This directive, outlined in a circular sent to deposit money banks, microfinance banks, mobile money operators, and super-agents, is part of the apex bank’s ongoing efforts to promote a cashless economy, combat fraud, and streamline operational standards across the financial industry.
The circular, titled “Cash-out limits for agent banking transactions,” emphasized that the policy aims to address challenges in the system while ensuring uniformity.
It further stated, “Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.”
While the decision aligns with the CBN’s cashless policy drive, it has sparked concerns among citizens, who feel the restrictions may lead to inconvenience and hinder their access to legitimate cash transactions.
