The Central Bank of Nigeria (CBN) has directed Nigerian banks to set a daily withdrawal limit of ₦100,000 for customers using point-of-sale (PoS) terminals across the country as part of measures to address the ongoing cash scarcity.

This directive was disclosed in a recent circular issued by the apex bank to all Nigerian banks, titled “Cash-out Limits for Agent Banking Transactions.” The circular outlined various measures aimed at advancing a cashless economy.

According to the CBN, the restrictions are designed to address identified challenges, combat fraud, and establish uniform operational standards across the banking industry.

The circular states:

• “Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to ₦500,000.00 per week.”
• “Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of ₦100,000.00 per customer.”
• “Ensure that each agent’s daily cumulative cash-out limit shall not exceed ₦1,200,000.00.”

This announcement follows a recent action by the CBN, which imposed a fine of ₦150 million on banks found to be distributing new Naira notes to hawkers. Additionally, the apex bank introduced fresh measures last month aimed at addressing the ongoing Naira scarcity.

The National Bureau of Statistics (NBS) reported that between May 2023 and April 2024, Nigerians paid a staggering ₦2.23 trillion as ransom to kidnappers. This revelation was part of the NBS’s latest Crime Experience and Security Perception Survey, published on Tuesday.

According to the report, 65 percent of households affected by kidnapping paid ransoms to secure the release of their loved ones. The survey indicated that the average amount paid per ransom was ₦2,670,693, culminating in an estimated total of ₦2,231,772,563,507 within the stated period.

Kidnapping incidents nationwide were estimated at 2,235,954, with rural areas experiencing significantly more cases (1,668,104) compared to urban areas (567,850). The report’s regional breakdown showed that the North-West zone recorded the highest number of kidnappings (1,420,307), followed by the North-Central zone (317,837). The South-East zone reported the lowest number of cases (110,432).

The survey revealed that 80.5 percent of households that experienced kidnapping incidents reported them to the police. Among the zones, the South-South had the highest reporting rate at 100 percent, followed by the North-Central zone at 89.6 percent. Conversely, the North-West zone had the lowest reporting rate at 73.9 percent. Disaggregated by residence, urban areas showed a higher reporting rate (87.1 percent) compared to rural areas (77.3 percent).

The report also detailed the outcomes for abducted persons. Of the reported cases, 82.1 percent of victims were eventually released, 12.8 percent were killed, and 3.3 percent remained in captivity.