Banks have started implementing a daily withdrawal limit of ₦100,000 and a weekly limit of ₦500,000 for Point-of-Sale (PoS) transactions, following a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024.
The CBN introduced the policy to tackle fraud, address operational challenges and establish uniform standards across the banking sector.
This enforcement comes shortly after the CBN sanctioned nine banks for failing to ensure cash availability at ATMs during the festive period, signaling a push for stricter compliance with banking regulations. The move is part of broader efforts to enhance efficiency and transparency in the financial system.