Business

CBN Gives Conditions For Bulk Withdrawal, Says PoS Operators Not Endangered

Published

3 years ago

December 17, 2022

The Central Bank of Nigeria (CBN) has countered claims that its new policy limiting cash withdrawals is targeted at point-of-sales (PoS) agents in particular.

Though the apex bank, on December 6, set the weekly withdrawal limit at N100,000 and N500,000 for persons and organisations, respectively, it made allowances for compelling cases to withdraw up to N5 million or N10 million.

“Let me just correct an impression: not in any way are they (PoS agents) endangered,” the CBN’s Director of Banking Supervision, Mustafa Haruna, said during a live appearance on Channels Television’s Sunrise on Saturday.

“When you do the numbers, how much does a typical agent outlet need in a day? People need to just see this as a policy that is intended at contributing to economic growth and development, and when Nigerians know the enormous benefits inherent in this policy, I’m very sure it will shift mindsets.

“It is typical when you introduce something new, there is always that trepidation and apprehension. But that is why we are also combining it with extensive and sustained campaigns and sensitisation just to ensure that Nigerians understand what is at play, what is involved, and what is in it for them.”

Haruna cited the December 6 circular of the apex bank which stated that in “compelling circumstances,” should an individual or organisation need an amount above the set limit, there are conditions to fulfill.

The CBN had stated that in such instances, not exceeding once a month, withdrawals above the limit shall be subject to processing fees of five and 10 percent for individuals and corporate entities, respectively, in addition to “enhanced due diligence and further information requirements.”

Applicants are also required to upload the following on the CBN’s portal: Valid means of identification of the payee (National ID, International Passport, Driver’s License); Bank Verification Number (BVN) of the payee; and notarised customer declaration of the purpose for the cash withdrawal; senior management approval for the withdrawal by the Managing Director of the drawee, where applicable; and approval in writing by the MD/CEO of the bank authorising the withdrawal.

Haruna explained that the CBN had seen exponential growth in the agent networks around Nigeria, describing them as “quite ubiquitous.”

“There is hardly any nuke or cranny in Nigeria where you go that you won’t see one agent outlet or the other where they do cash-in, cash-out services. Such customers can take advantage of those services,” the CBN director said.

“But to the point about the quantum of naira such a customer would need, of course, this is an evolutionary process; we will get there. And if you have such a need for a high volume of cash, you can always go to your bank to say, ‘Look, this is my business,’ and they will be able to (attend to you).”

According to him, the CBN policy was about expanding the cashless policy first launched a decade ago as a pilot programme in major cities like Lagos and Abuja. He explained that scaling up the policy was necessary due to the high cost of currency management.

“We started since 2012 and we had some charges that you have to pay, although the revised limit and charges are different from what we had. This is not something new. We feel we should take things to a high level if we must make progress, in line with global trends,” he said.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

9 hours ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.