- Banks implement withdrawal limits: Nigerian banks have started implementing daily and weekly withdrawal limits on Point-of-Sale (PoS) terminals.
- Daily limit: N100,000, Weekly limit: N500,000: The Central Bank of Nigeria (CBN) directed banks to limit daily withdrawals to N100,000 and weekly withdrawals to N500,000.
- CBN directive: The CBN issued the directive on December 17, 2024, to address challenges, combat fraud, and establish uniform operational standards.
- Alternative channels encouraged: Banks are encouraging customers to use alternative channels such as mobile banking, online banking, and ATMs for cash withdrawals.
Banks in Nigeria have started implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals. This move follows a directive from the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at addressing challenges, combating fraud, and establishing uniform operational standards.
Union Bank has notified its customers of the new limits, effective immediately, and encouraged them to use alternative channels such as mobile banking, online banking, and ATMs for cash withdrawals. The bank’s announcement comes after the CBN sanctioned nine banks for failing to ensure cash availability via ATMs during the festive season.
