The Central Bank of Nigeria (CBN) has imposed a daily cap of N100,000 on withdrawals made through Point-of-Sale (POS) terminals.
This move is part of efforts to promote a cashless economy and curb fraudulent activities in the banking system.
In a circular addressed to banks, mobile money operators, and other financial agents, the CBN outlined guidelines to standardize operations.
Weekly withdrawals per customer are restricted to N500,000, while each agent’s total daily cash-out limit cannot exceed N1.2 million.
Additionally, agents must clearly separate banking services from merchant activities and comply with strict reporting protocols.
The CBN warned that violations of these rules would result in penalties, including monetary fines and administrative sanctions.
The bank also plans to conduct random checks to ensure compliance with the new directives.
