Regulatory Alerts2024-12-17 | PSM/DIR/PUB/CIR/001/057Circular on Cash-Out Limits for Agent Banking Transactions
The Central Bank of Nigeria has issued a circular implementing new cash-out limits for agent banking transactions to promote a cashless economy and combat fraud, setting weekly customer withdrawal limits at ₦500'000 and daily agent limits at ₦1'200'000. The directive requires agents to operate exclusively through designated float accounts, use specific banking codes, and maintain clear separation between banking and merchant activities. All transactions must be monitored and reported daily to NIBSS and the CBN, with principals being fully responsible for their agents' compliance and actions.