There are indications that banks have begun the implementation of a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale terminals.

The Implementation is coming after a directive by the Central Bank of Nigeria (CBN) on December 17, 2024, to limit the daily withdrawal on PoS to N100,000 per customer and N500,000 weekly.

According to CBN, the intervention is aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry.

An email by Union Bank to customers on the implementation of the daily withdrawal limit on PoS reads: “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now 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 bank’s announcement comes a week after CBN sanctioned nine banks for failing to ensure cash availability via automated teller machines (ATM) during the festive season. (Vanguard)