Banks across Nigeria have begun enforcing a new daily withdrawal limit of N100,000 and a weekly cap of N500,000 on Point-of-Sale (PoS) terminals.
This follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024.
The policy aims to address operational inefficiencies, curb fraudulent activities, and promote standardised banking practices nationwide.
Union Bank, in a notice to its customers, confirmed the immediate implementation of the limits, urging users to explore alternative transaction channels.
The bank stated: “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.”
The implementation comes on the heels of recent sanctions imposed by the CBN on nine Deposit Money Banks (DMBs) for failing to maintain adequate cash flow at their ATMs during the festive season.
The CBN fined each bank N150 million for non-compliance with cash distribution guidelines, citing findings from spot checks conducted at their branches.
Westernmirror.com.ng reports that the new policy reflects the CBN’s commitment to ensuring the smooth functioning of the financial system while enhancing customer experience.
The limits are expected to encourage increased use of digital banking platforms, further advancing the country’s cashless economy agenda.