CBN Cracks Down on Fraud with N100,000 Daily Withdrawal Limit on PoS Terminals

The Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 per customer on Point-of-Sale (PoS) terminals, in a bid to promote a cashless economy and curb financial fraud.

According to the CBN’s circular titled “Cash-out Limits for Agent Banking Transactions,” cash withdrawals per customer are limited to N500,000 per week, regardless of the transaction channel.

Agent banking terminals must enforce a daily maximum transaction cash-out limit of N100,000 per customer, while each agent’s total daily cumulative cash-out limit must not exceed N1,200,000.

The CBN has also outlined other regulations aimed at promoting transparency and accountability in the agent banking industry.