By Attah Ede
Banks in Nigeria have reportedly commenced the implementation of a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale(PoS)terminals.
This implementation began barely a week after CBN sanctioned nine banks for failing to ensure cash availability via automated teller machines (ATM) during the festive season.
An Email by Union Bank sent to its customers confirmed the implementation of the daily withdrawal limit on PoS.
This was in response to the directive by Central Bank of Nigeria (CBN) on December 17, 2024, which pegged daily withdrawal limit on PoS at N100,000 and N500,000 per customer weekly respectively.
According to CBN, the intervention is aimed at identified challenges, combating fraud and establishing uniform operational standards across the industry.
Part of emails sighted by the Network read: “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.”
