Banks have begun the implementation of a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals.
The implementation is coming after a direction by the Central Bank of Nigeria (CBN) on December 17, 2024, to limit the daily withdrawal on PoS to N100,000 per client and N500,000 weekly.
According to CBN, the intervention is aimed at addressing identified difficulties, combating fraud, and ensuring uniform operational standards across the industry.
Union Bank’s communication to customers regarding the introduction of the daily withdrawal limit on PoS reads: “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now fixed at N500,000.”
“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 move comes a week after the CBN sanctioned nine banks for failing to assure cash availability through automated teller machines (ATMs) over the holiday season.
