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.