The Central Bank of Nigeria (CBN) has announced a new policy capping daily withdrawals at Point-of-Sale (POS) terminals to ₦100,000 per customer.
This directive, aimed at promoting a cashless economy, was detailed in a circular issued on December 17, 2024.
Addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents, the circular mandates immediate adherence to the new withdrawal limits.
Additionally, the CBN has set a cumulative daily cash-out limit of ₦1,200,000 for agents and a weekly withdrawal ceiling of ₦500,000 per customer.
The CBN clarified that these measures are designed to curb fraud, standardize operational practices, and encourage the use of electronic payment systems.
It also requires that all agency banking transactions be conducted through float accounts with principal institutions, with daily transaction reports submitted electronically to the Nigerian Inter-Bank Settlement System.
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