Banks in Nigeria have begun implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals following a directive from the Central Bank of Nigeria (CBN).
The CBN directive, issued on December 17, 2024, aims to address operational challenges, curb fraud, and standardise banking practices nationwide, reports Nigerian Tribune.
In a communication to its customers, Union Bank announced: “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on PoS is now N100,000, while the weekly limit is fixed at N500,000.
“Our Automated Teller Machines (ATMs) are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”
This policy implementation follows the recent sanctioning of nine banks by the CBN for failing to ensure adequate cash availability at ATMs during the festive period.
The CBN, in a clear demonstration of zero tolerance for cash flow disruptions, sanctioned nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through automated teller machines (ATMs) during the yuletide season.
Each bank was directed to pay a fine of N150 million for non-compliance, in accordance with the CBN’s cash distribution guidelines, following spot checks conducted on their branches.
