The Central Bank of Nigeria (CBN) has introduced new regulations for point-of-sale (PoS) transactions, setting a daily withdrawal limit of N100,000 per customer as part of its ongoing efforts to promote a cashless economy.

Key Withdrawal Restrictions:

- Maximum daily cash withdrawal per customer: N100,000

- Weekly cash withdrawal limit: N500,000

- Daily cumulative cash-out limit for agents: N1,200,000

The comprehensive directive, issued through a circular to deposit money banks, microfinance banks, mobile money operators, and super-agents, aims to:

- Address industry challenges

- Combat potential fraud

- Establish uniform operational standards

Detailed Compliance Requirements:

1. Agent Banking Terminal Limitations

   - Daily transaction cash-out capped at N100,000 per customer

   - Strict demarcation between agent banking and merchant activities

   - Mandatory use of Agent Code 6010 for banking activities

2. Account and Transaction Monitoring

   - Transactions to be conducted exclusively through designated float accounts

   - Monitoring of accounts associated with agents' Bank Verification Numbers (BVN)

   - Electronic reporting of daily transactions to the Nigerian Interbank Settlement System (NIBSS)

Regulatory Oversight:

- Principals will be held fully responsible for their agents' actions

- CBN will conduct unannounced back-end configuration checks

- Non-compliance may result in monetary and administrative sanctions

The move represents a significant step in the CBN's strategy to digitize financial transactions and reduce cash circulation in the Nigerian economy.

Banks and financial institutions have been directed to implement these guidelines immediately, marking a new phase in Nigeria's financial regulatory landscape.​​​​​​​​​​​​​​​​