CBN Enforces N100,000 Daily POS Withdrawal Limit Amidst Naira Scarcity

The Central Bank of Nigeria (CBN) has mandated a daily withdrawal limit of N100,000 for customers using point-of-sale (PoS) terminals nationwide.

This directive was communicated through an official circular sent to all Nigerian banks.

The CBN's latest measure is part of a broader strategy to streamline cash flow and curb the misuse of new currency notes.

"Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week," the circular stated.

Additionally, it specified that "each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00."

This initiative comes on the heels of the CBN imposing a hefty fine of N150 million on banks found guilty of distributing new notes to hawkers.