This development comes on the heels of the CBN’s recent fine of N150 million on banks issuing new notes to hawkers.
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has introduced a daily limit of N100,000 on Point of Sale (PoS) withdrawals, as part of efforts to alleviate the ongoing naira scarcity.
This directive applies to all Nigerian banks and is aimed at promoting a cashless economy.
According to a circular titled “Cash-out limits for agent banking transactions,” the CBN has outlined the following measures:
- Daily PoS Withdrawal Limit: N100,000 per customer
- Weekly Cash Withdrawal Limit: N500,000 per customer
- Daily Cumulative Cash-out Limit for Agents: N1,200,000
These restrictions are intended to address challenges, combat fraud, and establish uniform operational standards across the industry. The apex bank has also warned that breaches of these directives will attract penalties, including monetary fines and administrative sanctions.
This development comes on the heels of the CBN’s recent fine of N150 million on banks issuing new notes to hawkers. The apex bank has been working to address the naira scarcity, announcing fresh measures last month to mitigate the issue.
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