CBN sets daily cash-out limit for POS transactions

• CBN said the restriction is in line with the apex bank’s ongoing efforts to advance a cashless economy
  

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The Central Bank of Nigeria has directed Nigerian banks to set N100,000 per day as a withdrawal limit for customers on point-of-sale terminals nationwide amid cash scarcity.

The apex bank disclosed this in a recent circular to all Nigerian banks, titled Cash-out limits for agent banking transactions,’ which outlines other measures.

CBN said the restriction is in line with the apex bank’s ongoing efforts to advance a cashless economy.

According to the circular, the interventions aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.

“Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.

“To ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.

“Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” the statement reads partly.