The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N100,000 per customer for cash-out transactions conducted by Point of Sale (POS) agents.
This policy, part of a new directive issued on December 17, 2024, and signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department at the CBN, aims to streamline agency banking operations, encourage electronic payment adoption, and enhance the country’s cashless economy drive.
It will be recalled that the Apex Bank under the leadership of Mr. Olayemi Cardozo has introduced a series of reforms in the financial sector aimed at moving the country forward. It is left to be seen how Nigerians would react to this new directive especially as the yuletide season draws near.
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