In a bold move to finally stamp out cash leakages and entrench transparency, the Federal Government has completely prohibited the collection of physical cash by all Ministries, Departments and Agencies (MDAs) and government-owned enterprises, effective immediately. The sweeping directive is contained in a series of Treasury circulars issued by the Office of the Accountant-General of…
The Central Bank of Nigeria (CBN) has announced new limits for agent banking operations across the country, capping daily cash-in and cash-out transactions at N100,000 per customer, and N500,000 weekly. The move is part of efforts to boost financial inclusion, reduce cash handling risks, and strengthen oversight. According to a circular issued on October 6,…
On Wednesday, the Organised Private Sector (OPS) strongly opposed the Central Bank of Nigeria’s decision to impose limits on withdrawals from Point-of-Sale (POS) agents, arguing that the apex bank’s move is out of touch with reality. The CBN introduced a daily withdrawal limit of N100,000 per individual customer at POS agents as part of new…
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…
The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. 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…
