Daily withdrawals from Point of Sale (POS) terminals have now been capped at N100,000 per customer. The Central Bank of Nigeria (CBN) announced this restriction in a circular issued to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents.
The Central Bank of Nigeria (CBN), in its circular titled “Cash-out Limits for Agent Banking Transactions,” emphasized that the new directive is part of its ongoing efforts to promote a cashless economy. The CBN aims to address challenges such as fraud and establish consistent operational standards across the industry.
The circular outlined two key directives for immediate compliance by all agents and their principals:
- Cash withdrawals (across all channels) should be limited to a maximum of N500,000 per customer per week.
- Agent banking terminals must be set to enforce a daily withdrawal limit of N100,000 per customer.
This move is part of the CBN’s broader strategy to enhance security and streamline financial transactions in the country.
 terminals have now been capped at N100,000 per customer. The Central Bank of Nigeria (CBN) announced this restriction in a circular issued to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents.){kind=link}