CBN Sets New Cash Withdrawal Limit: Nigerians Can Now Withdraw Only N100,000 Daily via Agent Banking
Story: Written by Myra Chinonso Octoter 7,2025
According to the directive issued on October 6, 2025, with reference number PSP/DIR/CON/CWO/001/049, the new CBN agent banking guidelines cap daily cash transactions at N100,000 per customer for both deposits and withdrawals. The weekly limit is fixed at N500,000 per customer.
The move, which takes immediate effect, is designed to promote financial inclusion, curb money laundering, and strengthen regulatory oversight in Nigeria’s fast-growing fintech and agent banking sector.
Strengthening Oversight and Transparency
The CBN explained that while agent banking has expanded access to financial services in rural and underserved areas, its rapid growth requires stronger regulation. Under the new framework, titled Guidelines for the Operations of Agent Banking in Nigeria, every financial institution—referred to as the “Principal”—must:
- Publish and display updated lists of all authorized agents on their websites and in their local branches.
- Ensure that all agent transactions are processed through dedicated accounts or wallets linked to the Principal.
- Guarantee that PoS terminals and other payment devices are connected exclusively to approved agent accounts.
Agents who operate outside these approved structures risk contract termination, blacklisting, or regulatory sanctions.
Limits on Bill Payments and Agent Operations
In addition to cash withdrawals and deposits, bill payments through agents are now limited to N100,000 per day and N500,000 per week. The CBN stated that these limits will help prevent abuse of agent channels and support its cashless policy.
Each agent’s cumulative daily cash-out ceiling is N1.2 million, and the apex bank reserves the right to adjust these limits periodically in line with market realities.
Technology, Security, and Data Requirements
To enhance system integrity, the CBN directed that all agent banking platforms must:
- Provide real-time transaction monitoring and electronic audit trails.
- Automatically enforce daily and weekly limits.
- Ensure secure data transmission and seamless interoperability with national payment systems.
- Retain transaction and settlement records for at least five years.
Agents’ devices such as PoS machines must be geo-fenced, allowing them to operate only within approved business locations. Transactions conducted outside registered locations will be considered violations.
CBN’s Commitment to Financial Stability
Musa I. Jimoh, Director of the CBN’s Payments System Policy Department, signed the circular, noting that provisions related to agent exclusivity and location will take effect from April 1, 2026.
The apex bank reaffirmed its commitment to maintaining a secure, efficient, and inclusive financial system. It urged all deposit money banks, fintechs, and payment service providers to comply with the new guidelines or face sanctions.
CBN also emphasized that it will continue to monitor agent banking activities and issue further directives to ensure compliance with its regulatory objectives.
