Central Bank of Nigeria sets new cash withdrawal limits for PoS operators

The Central Bank of Nigeria (CBN) has set a new cash withdrawal limit for Point-of-Sale (PoS) operators, capping individual transactions at N100,000. This change aims to support the country's cashless policy and improve operational standards. Previously, the limits were higher, with individuals allowed to withdraw more. The new rules also establish a daily cash-out limit of N1.2 million for PoS operators, addressing fraud and operational challenges. The CBN has emphasized that violations of these new limits will result in penalties. Additionally, PoS operators have increased their charges due to a new Electronic Money Transfer Levy, which will affect transactions starting in September 2024.