The Central Bank of Nigeria has implemented a daily withdrawal limit of N100,000 for Nigerians using point-of-sale services. Additionally, it has restricted PoS transactions to a total cash-out of N1.2 million daily.
This latest directive from the CBN, reminiscent of its harsh 2022 policy during a nationwide cash scarcity, exacerbates the struggles of millions of Nigerians reliant on cash for daily purchases such as food and essential goods.
Throughout Nigeria, ATMs frequently run dry, forcing many to incur higher fees to access limited cash from PoS agents.
On Tuesday, the CBN announced this cash-limit directive in a circular titled ‘Cash-out limits for agent banking transactions’.
“All principals of agents are to comply with the following directives immediately: i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.
“Ensure that all agent banking terminals are programmed with a daily maximum transaction cash-out limit of N100,000.00 per customer. Ensure that each agent’s cumulative cash-out limit does not exceed N1,200,000.00 daily,” stated the apex bank’s memo.
