The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (POS) agents.
This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.
According to the circular, the development is in the apex bank’s effort to advance a cashless economy.
The circular, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, stated: “The Bank is implementing the following policy interventions, which are necessary to promote the use of electronic payment channels in agency banking operations.”
As of July 2024, Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered PoS devices, according to the Nigeria Interbank Settlement System Plc.
As part of these policy measures, a cash withdrawal limit of N500,000 per customer (across all channels) has been introduced. Additionally, all agent banking terminals now have a daily maximum cash-out limit of N100,000 per customer, while the cumulative daily cash-out limit for an agent is set at N1.2 million.
