The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.
The CBN also restricted PoS agents to a daily transaction limit of N1.2 million.
The apex bank revealed this in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday and directed to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents.
The bank said the policy is in line with its ongoing efforts to advance a cashless economy as well as the interventions, aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry.
It also set a cash withdrawal limit per customer (regardless of channel) at N500,000 per week.
The apex bank warned that breach of the directives contained in the circular will attract appropriate penalties including monetary and/or administrative sanctions.
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