POS: Banks implement N100k daily, N500k weekly withdrawal limit

In response to a mandate from the Central Bank of Nigeria (CBN), Nigerian banks have started imposing a daily withdrawal cap of N100,000 and a weekly cap of N500,000 on Point-of-Sale (PoS) terminals.

Issued on December 17, 2024, the CBN directive seeks to standardise banking procedures across the country, manage operational issues, and reduce fraud.

Union Bank made the following announcement in a message to its clients:

"Please take note that the daily withdrawal limit on PoS is now N100,000, and the weekly limit is set at N500,000, in accordance with CBN directives, effective immediately."You can also withdraw cash from our Automated Teller Machines (ATMs). For all of your transactions, we advise you to use our other channels (UnionMobile, *826#, and UnionOnline).
This policy's introduction comes after the CBN recently sanctioned nine banks for not making sure there was enough cash available at ATMs throughout the holiday season.

In a blatant display of its zero tolerance for cash flow interruptions, the CBN penalised nine Deposit Money Banks (DMBs) for neglecting to guarantee that Naira notes were available at automated teller machines (ATMs) over the Yuletide season.

After spot checks on their branches, each bank was ordered to pay a fine of N150 million for failing to comply with the CBN's cash distribution standards.