CBN Sets N100k Daily PoS Cash Limit for Individuals, N500k Weekly

According to CBN, over N3.3 trillion cash is in circulation as of December 2024, compared to just N1 trillion cash in the beginning of 2023. That’s a significant 230% increased in currency circulation. Due to this, the CBN imposed a Daily Cash withdrawal limit of N100,000 (max of N500,000 bi-weekly) per customer on the point-of-sale (POS) terminal across the nation. In a statement dated 17 December 2024 and signed by Oladimeji Taiwo on behalf of the Payments System Management Department, the CBN directed all deposit money banks (DMBs), microfinance banks (MFBs), mobile money operators (MMOs), super agents and agents to comply with new regulations. These include a weekly cash withdrawal limit of ₦500,000 per customer, a daily cash-out limit of ₦100,000 per customer, and a daily cumulative cash withdrawal limit of ₦1.2 million per agent. The measures aim to standardise operations, combat fraud, and promote cashless economy. Temmy Samuel The CBN’s new withdrawal limitation for individuals o…