There are indications that banks have begun the implementation of a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale terminals.
The implementation is coming after a directive by the Central Bank of Nigeria (CBN) on December 17, 2024, to limit the daily withdrawal on PoS to N100,000 per customer and N500,000 weekly.
According to CBN, the intervention is aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry.
