The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of N100,000 on point-of-sales (POS) terminals to promote a cashless economy. This move aims to reduce the reliance on physical cash, encourage electronic payment systems, and address operational challenges and fraud.
Key Directives:
1. Daily Maximum Transaction Cash-out Limit: N100,000 per customer
2. Cumulative Daily Cash-out Limit: N1,200,000 per agent
3. Weekly Cash Withdrawal Limit: N500,000 per customer
4. Agent Banking Services: Clearly demarcated from merchant activities, with approved Agent Code 6010
5. Compliance: Violations attract monetary and/or administrative sanctions
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The CBN’s cashless policy aims to:
1. Foster a modern and digital banking system
2. Reduce cash-related risks (theft, fraud, operational costs)
3. Promote financial inclusion
4. Encourage electronic payment methods (mobile banking, internet banking, card payments)
5. Streamline the financial sector, making it more efficient and transparent
