NAIRA SCARCITY: CBN Fixes N100,000 As Limit For POS Withdrawal

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The Central Bank of Nigeria (CBN) has ordered banks in Nigeria to set N100,000 per day as a withdrawal limit for customers on point-of-sale (POS) terminals nationwide.

The order was given 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.
 
This comes days after CBN slammed N150 million as a fine on banks issuing new notes to hawkers.
 
Last month, the apex bank announced fresh measures to address the Naira scarcity.

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