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

 


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.

Comments

Popular posts from this blog

[VIDEO] “I Lost Everything, I Didn’t Know How To Manage The Money” – Viral Hawker, Dr H2O Begs For Second Chance

[VIDEO] “I Caught My Wife Taking Nude Photos Of Herself And Sending To Men” - Gospel Singer, Paul Nwokocha

42-Year-Old Nigerian Man Arrested For Killing His Spanish Wife And Setting Fire To Family Home In Spain

[VIDEO] Popular Anambra Celebrity Native Doctor, Akwa Okuko Arrested

Fugitive On FBI’s 10 Most Wanted List For Over 12 Years Arrested In Mexico

Lord’s Chosen Church Members Killed By Herdsmen In Nkaleha, Ebonyi State

[VIDEO] “I Only Had Sex With Him Twice But Didn’t Use Him For Rituals” - Hotelier Admits Having Sex With A 16-Year-Old Boy In Lagos