The Central Bank of Nigeria has set a daily withdrawal limit of N100,000 per customer for point-of-sale terminals as part of its cashless economy initiative, SAVANNAH NEWSNOW REPORTS.
The Central Bank of Nigeria (CBN) has stated that the restriction is part of its ongoing efforts to promote a cashless economy, and has also announced a ₦150 million fine on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers, including PoS operators across the country.
The Central Bank of Nigeria has announced new measures to address the recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.
Any financial institution found culpable of violating the directive will face a penalty of N150m for the first violation, with stricter sanctions for subsequent infractions.
The CBN will increase periodic spot checks in banking halls and ATMs, and deploy mystery shoppers to uncover illicit cash hawking spots across the country.
These measures aim to control cash scarcity, especially during the yuletide season.
The CBN also revealed that over 94% of the cash in circulation is outside the control of deposit banks, with a significant year-on-year increase of N1.59 trillion in the amount of currency held outside banks.
Data from the CBN’s money and credit statistics shows that a substantial proportion of currency in circulation remains outside the banking system, with more than 90 per cent consistently held outside formal financial institutions in 2024.
CBN should know that purchase power of the Naira is extremely low.what can a hundred thousand Naira buy from the market women who have no PoS or bank account. PoS shops are assisting a lot as people don’t worry getting to bank and this has drastically reduced queues in various banks. They should please increase it to at least N250k for the masses to breath. Those who keeps the cash outside banks are not using PoS. Every sin committed by the wealthy people (Big men) in this country, it’s the masses that suffer for it and bear the brunt. God help us.