The Central Bank of Nigeria (CBN) has announced a daily cash withdrawal limit of N100,000 per customer for point-of-sale (PoS) transactions.
Furthermore, the customers will now be restricted to a weekly cash withdrawal limit of N500,000.
The CBN disclosed this in a circular titled ‘Circular on Cash-Out Limits for Agent Banking Transactions’ released late on Tuesday, December 17, 2024.
The policy was addressed to all Deposit Money Banks (DMBs), microfinance banks, mobile money operators, and super-agents.
CBN explained that the directive seeks to enhance the use of electronic payment channels and address challenges in agent banking operations.
Vanguard reports that in the circular, CBN stressed that the interventions were necessary to combat fraud, standardise PoS operations, and encourage electronic transactions.
Part of the circular reads:
To ensure compliance, the apex bank announced plans to conduct oversight activities, including impromptu checks on back-end configurations.
CBN said any breach of the directives would attract severe penalties, including monetary fines and administrative sanctions.
The CBN noted that principals would be held accountable for all actions and omissions of their agents in line with the guidelines for regulating agent banking in Nigeria.
Earlier, TimesNow.com.ng reported that the Central Bank of Nigeria affirmed that the N200, N500, and N1,000 banknotes would remain valid even after December 2024.
The CBN, therefore, urged Nigerians to continue using the old naira banknotes for transactions, as they remain legal tender.
Sidi Hakama, the CBN’s acting director of corporate communications, disclosed this in a statement.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
