CBN Sets New Cash Withdrawal Limit: Agents Restricted to ₦100,000 Daily, ₦500,000 Weekly

The Central Bank of Nigeria (CBN) has rolled out new operational guidelines for agent banking across the country, introducing strict limits on cash withdrawals and deposits.

According to the apex bank, the new policy is designed to promote financial inclusion, minimize cash-related risks, and enhance transparency in Nigeria’s rapidly expanding agent banking sector.

Daily and Weekly Cash Transaction Limits

Under the revised directive, customers can now carry out cash deposits and withdrawals of up to ₦100,000 per day through banking agents, while the weekly limit is capped at ₦500,000 per customer.

The CBN’s move aims to discourage excessive cash transactions and encourage Nigerians to adopt digital payment systems for safety, efficiency, and improved record-keeping.

Implementation and Enforcement Timeline

In a circular released on October 6, 2025 (Ref: PSP/DIR/CON/CWO/001/049) and signed by Musa I. Jimoh, Director of the Payments System Policy Department, the apex bank confirmed that the new “Guidelines for the Operations of Agent Banking in Nigeria” take immediate effect.

However, specific provisions concerning agent location and exclusivity will officially commence on April 1, 2026, allowing operators time to align with compliance requirements.

Transaction Monitoring and Geo-Fencing of PoS Devices

To curb fraud and unauthorized cash operations, all Point-of-Sale (PoS) terminals and other agent devices must now be geo-fenced, meaning they can only function within approved and registered agent locations.

The CBN warned that any transactions conducted outside an agent’s assigned zone will be considered a violation, and the agent may face termination, blacklisting, or regulatory sanctions.

Furthermore, every transaction must pass through a dedicated account or wallet linked to the financial institution appointing the agent. Any operation outside this account will be deemed illegal under the new framework.

Cumulative Limit for Agents and Principals

The CBN also directed that each agent’s cumulative daily cash-out limit must not exceed ₦1.2 million, emphasizing that banks and payment service providers (referred to as “Principals”) bear full responsibility for ensuring compliance.

The regulator noted that transaction limits will be periodically reviewed in line with its official Guide to Charges for Banks and Other Financial Institutions in Nigeria.

Transparency and Agent Accountability

To ensure transparency, financial institutions are now required to publish updated lists of their registered agents on their official websites and display these details within all branch locations.

Institutions classified as Super Agents must maintain at least 50 active agents spread across Nigeria’s six geopolitical zones to guarantee nationwide accessibility.

Technology Standards and Customer Protection

The CBN also issued strong directives on data security, transaction integrity, and dispute resolution.
All agent banking platforms must:

• Support real-time transaction monitoring and electronic audit trails.
• Automatically enforce daily transaction limits and block suspicious activities.
• Generate instant transaction receipts for customers.
• Guarantee prompt reversals for failed transactions.
• Store transaction records for a minimum of five years.

These requirements aim to strengthen consumer trust, reduce fraud, and align Nigeria’s payment systems with global digital banking standards.

CBN’s Focus on Financial Inclusion and Regulatory Oversight

The apex bank reaffirmed its commitment to maintaining a secure, inclusive, and transparent financial ecosystem.
It urged Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators, and Payment Service Providers to comply fully with the new directive.

The CBN stated that repeated violations by agents or principals may lead to blacklisting or suspension from participating in agent banking operations.

It also emphasized that corrective actions and remedial measures would be enforced whenever necessary to uphold public confidence in Nigeria’s digital financial infrastructure.

Implications for the Financial Sector

Experts believe the new framework could reshape cash management across Nigeria’s financial landscape, reduce cases of money laundering, and encourage a stronger shift toward cashless banking and digital transactions.

The policy also aligns with the CBN’s long-term goal of achieving a more secure, tech-driven financial environment that supports both individual consumers and small businesses nationwide.