The Central Bank of Nigeria (CBN) has capped daily cash-out transactions for Point of Sale (POS) agents at N1.2 million and N100,000 for individual customers.

‎SPECIAL REPORT: Cash Crunch, Exorbitant POS Charges in the Face of ATM Shortages By Economic Confidential Crew The banking system in Nigeria has undergone significant transformations since the 1990s. Gone are the days of tedious paperwork and long queues that usually snaked from the bank's...

Banks Raise Withdrawal Limit to N50,000 Daily Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day. A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased...

Naira: Christmas Shoppers Condemn Scarcity   About a week to Christmas Day, shoppers have condemned the worsening naira scarcity, with many of them expressing frustration over their inability to make vital purchases for the Yuletide celebration. Findings on Sunday revealed that banks were still rationing cash over-the-counter,...

PoS Operators Protest New Charges A group of Point of Sales operators in Nigeria have protested against the increased service charges in the country which took effect on Monday. The Association of Mobile Money and Bank Agents in Nigeria announced new service charges for operators in...

Cash Crunch: Nigerians Lament Exorbitant PoS Charges, Poor Network  By Idris Umar Feta As the ongoing cash crunch continues to bite harder, Nigerians have condemned the poor network that makes online banking difficult and the exorbitant charges they have to pay to get cash from Point...