The Central Bank of Nigeria (CBN) has introduced a new policy limiting daily cash withdrawals via point-of-sale (PoS) terminals to N100,000 per customer and capping agents’ total daily cash-out transactions at N1.2 million. This directive, detailed in a circular titled ‘Cash-out Limits for Agent Banking Transactions’, also restricts weekly withdrawals per customer to N500,000.
The policy, reminiscent of the 2022 cash scarcity measures, has sparked concerns among Nigerians who rely on cash for daily needs, especially as ATMs frequently run out of cash, forcing citizens to pay higher fees to PoS agents. The CBN has instructed all agent banking principals to implement the new limits immediately.
