Banks have started implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals.
This move follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at curbing fraud, addressing industry challenges, and ensuring uniform operational standards.
Union Bank notified its customers via email, stating, “In line with CBN directives, effective immediately, the daily PoS withdrawal limit is N100,000, while the weekly limit is N500,000.”
The bank also highlighted the availability of alternative banking channels, such as UnionMobile, *826#, and UnionOnline, encouraging customers to utilize them for their transactions.
This announcement comes shortly after the CBN sanctioned nine banks for failing to provide adequate cash availability at ATMs during the holiday period.
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