In light of the cash shortage, the Central Bank of Nigeria has instructed Nigerian banks to set a daily withdrawal cap of N100,000 for consumers using point-of-sale terminals across the country.
In a recent circular titled “Cash-out limits for agent banking transactions,” which also details additional measures, the apex bank revealed this information to all Nigerian banks.
The restriction, according to CBN, is consistent with the central bank’s continuous initiatives to promote a cashless society.
The circular states that the interventions are intended to combat fraud, fix issues that have been found, and provide consistent industry-wide operational standards.
“Issuers must impose a weekly cash withdrawal cap of N500,000.00 per customer, regardless of channel.
“To guarantee that the daily maximum transaction cash-out limit of N100,000.00 per customer is set on all agent banking terminals.”
The statement partially states, “Make sure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.”
This occurs days after the CBN fined banks N150 million for releasing new notes to street vendors.
The apex bank revealed new steps to alleviate the Naira shortage last month.
