Banks in Nigeria have introduced a daily withdrawal limit of N100,000 and a weekly cap of N500,000 on Point-of-Sale (PoS) terminals.
This follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at addressing operational challenges, curbing fraud, and standardizing banking practices.
Union Bank informed customers:
“In line with CBN directives, daily PoS withdrawal limits are now N100,000, with a weekly cap of N500,000. ATMs remain available, and we encourage the use of UnionMobile, *826#, and UnionOnline for transactions.”
This policy follows sanctions imposed on nine Deposit Money Banks (DMBs) for failing to ensure adequate cash availability at ATMs during the festive season, with each bank fined N150 million for non-compliance.
