CBN Reviews Daily E-Transaction Limit

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The Central Bank of Nigeria, CBN has yesterday revealed it’s review of transaction limits on electronic channels and Point-of-Sales (PoS) terminals.

The CBN in its announcement yesterday noted that there will be no transaction limit for the POS and electronic channels as the settlement of the cards will continuously be handled with interbank funds.

The CBN however noted that the maximum limit for naira debit and credit cards utilization shall be US$50,000.00 per annum.

It also put a peg on daily cash withdrawal limit which now stands at US$300.00 per person per day, and subject to monthly rendition of returns by Authorised Dealer banks and card issuers to the CBN.

The new directive was contained in a new policy measure released by the CBN yesterday for the 2016/2017 fiscal year.

The CBN in its new policy measure said: “Authorised Dealers shall henceforth utilize interbank funds strictly for funding of Letters of Credits, Bills for Collection and other invisible transactions, subject to appropriate documentation as 4 SECTION FOUR 51 Central Bank of Nigeria | January 2016 Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 provided by extant regulation”.

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