The Organised Private Sector on Wednesday kicked against the decision of the Central Bank of Nigeria to limit the withdrawals from Point-of-Sale agents, stressing that the apex bank is not in touch with reality.
CBN introduced a daily cash-out transaction limit of N100,000 per individual customer for Point-of-Sale agents as part of new measures to advance the cashless policy in Nigeria on Wednesday.
The directive, contained in a circular dated December 17, 2024, and addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents, mandates immediate compliance by all stakeholders.
The circular, signed by Oladimeji Taiwo on behalf of the Director of the Payments System Management Department at the CBN, outlined key measures to ensure uniform operational standards, combat fraud, and enhance the use of electronic payment systems in agency banking operations.
According to the directive, POS agents must ensure that individual customer withdrawals do not exceed N100,000 daily. Also, agents are restricted to a cumulative cash-out limit of N1.2m per day, while customers face a maximum cash withdrawal limit of N500,000 per week.
