The Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 on point-of-sale (POS) terminals nationwide to combat cash scarcity and promote a cashless economy.
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. 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
CENTRAL BANK OF NIGERIA CASH SCARCEITY WITHDRAWAL LIMIT POS TERMINALS CASHLESS ECONOMY
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