In a decisive move to tighten cash flow and promote digital transactions, the Central Bank of Nigeria (CBN) has announced a new policy limiting Point of Sale (POS) daily withdrawals to ₦100,000 per customer. The announcement was made via Nigerian Stories’ official X handle, sparking a wave of reactions across social media.
The policy, part of the CBN’s broader financial inclusion and cashless economy agenda, is expected to significantly impact the daily operations of small businesses and individuals who rely heavily on cash transactions. The move underscores the bank’s continued efforts to reduce the circulation of physical cash in favor of electronic payment systems.
As the news broke, social media users flooded the comments section with mixed opinions. While some praised the initiative as a step toward modernizing Nigeria’s financial system, others expressed concern over the potential challenges this could pose, especially in rural areas where access to digital infrastructure remains limited.
Critics argue that the new limit might inadvertently stifle small businesses, many of which rely on cash transactions to sustain daily operations. “This policy doesn’t consider the realities of the average Nigerian. What happens to traders in remote areas where digital payment options are unavailable?” one user questioned.
Supporters, however, see the move as a necessary step to curb money laundering and reduce the risks associated with carrying large sums of cash. “This will force us to embrace digital banking and reduce insecurity tied to cash transactions,” another user noted.
This policy aligns with the CBN’s previous measures to promote electronic payments, including limits on over-the-counter cash withdrawals and incentives for adopting digital platforms. However, experts argue that successful implementation will require improved internet penetration and financial literacy across the country.
The CBN has yet to release a detailed framework or timeline for the implementation of the policy, leaving many Nigerians awaiting further clarification. Questions about enforcement, exemptions for businesses, and alternatives for underserved communities remain unanswered.
For now, the ₦100,000 limit is poised to reshape how Nigerians conduct transactions, potentially heralding a new era in the nation’s financial ecosystem. Will it succeed in accelerating Nigeria’s cashless economy, or will it deepen existing economic disparities? Only time will tell.
What are your thoughts on this development? Share your opinions in the comments.
PIONEER NEWS 