Nigeria's Central Bank imposes limits on POS withdrawals and fines banks for ATM cash shortages.

The Central Bank of Nigeria (CBN) has introduced daily and weekly limits on Point-of-Sale (PoS) withdrawals to combat fraud and standardize banking practices. Banks now limit daily withdrawals to N100,000 and weekly withdrawals to N500,000. The CBN also fined nine banks N150 million each for failing to ensure adequate cash at ATMs during the festive period. The measures aim to improve cash availability and operational efficiency in the banking sector.

2 months ago
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