BREAKING: Banks begins enforcement of CBN’s N100k daily, N500k weekly Withdrawal Limits on PoS transactions

Banks in Nigeria have commenced implementing the Central Bank of Nigeria’s (CBN) directive limiting Point-of-Sale (PoS) withdrawals to a daily maximum of ₦100,000 and a weekly cap of ₦500,000.

This policy, announced by the CBN on December 17, 2024, aims to address challenges within the financial sector, reduce fraud, and establish uniform operational standards across the banking industry.

In a notification to its customers, Union Bank confirmed the enforcement, stating:

“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.”

The bank’s announcement comes a week after CBN sanctioned nine banks for failing to ensure cash availability via automated teller machines (ATM) during the festive season.