Banks across Nigeria have begun implementing new withdrawal limits of N100,000 per day and N500,000 per week on Point-of-Sale (PoS) terminals, following a directive from the Central Bank of Nigeria (CBN).
The directive, issued on December 17, 2024, aims to tackle operational inefficiencies, reduce fraudulent activities, and establish uniform banking practices nationwide. The limits apply specifically to PoS transactions, with banks urging customers to explore alternative transaction channels.
Union Bank, in its communication to customers, confirmed the new policy, stating:
“In line with CBN directives, please note that the daily withdrawal limit on PoS is now N100,000, while the weekly limit is fixed at N500,000. Our ATMs remain available for cash withdrawals, and we encourage the use of UnionMobile,* 826#, and UnionOnline for seamless transactions.”
This policy rollout follows the CBN’s enforcement actions against nine Deposit Money Banks (DMBs) that failed to ensure sufficient cash availability during the festive period. Each of the sanctioned banks was fined N150 million after spot checks revealed non-compliance with cash distribution guidelines.
The CBN’s decision highlights its zero-tolerance approach to cash flow disruptions and its focus on ensuring operational efficiency within the banking system. Customers are advised to adapt to these limits and explore digital banking solutions for smoother transactions.
