The Central Bank of Nigeria (CBN) has advised Nigerian banks to set a daily withdrawal limit of N100,000 for customers at point-of-sale terminals across the country due to cash constraints.
The central bank stated this in a recent circular to all Nigerian banks titled “Cash-out limits for agent banking transactions,” which also outlines other measures.
The CBN said the limitation is consistent with the central bank’s ongoing efforts to promote a cashless economy.
According to the circular, the interventions aim to solve identified difficulties, combat fraud, and set industry-wide operational standards.
“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.
