The Central Bank of Nigeria (CBN) new policy limiting daily cash withdrawals through Point of Sale (PoS) terminals to N100, 000 per individual and a total daily transaction per agent at N1.2 million has been greeted with mixed reactions by Nigerians on social media platforms.
While the apex bank asserts that the initiative is part of an ongoing effort to foster a cashless economy in the country, especially amid challenges related to cash availability and infrastructure readiness, social media users on X are expressing frustration over the restrictions, questioning the rationale behind limiting PoS transactions when banks are already struggling to dispense cash.
They argue that such measures only exacerbate confusion and hardship, suggesting that people may need cash to access more cash.
DanielRegah on his X handle said that “the Central Bank limits daily withdrawal on PoS to N100, 000 per customer and N1.2m in total. So let me get this straight, banks barely dispense cash, there’s almost zero availability right now, but PoS operators are also being restricted? And I thought it couldn’t get worse than Emefiele’s regime.”
Also, @Mas denero said: “This policy screams confusion. You limit cash flow, restrict PoS operators and still expect the economy to breathe? At this rate, people will need cash for cash. Emefiele might be gone, but his legacy of hardship clearly lives on.”
Read Also: CBN limits POS daily withdrawal to N100,000 per customer
Another X user @IanIfeanyio said that “this move is just to ensure the banks keep cash by all means. You limit withdrawal from PoS so people will make online transfers then you keep charging and deducting. All in disguise that PoS operators are the problem of no cash, yeah?
“How much does each of these PoS merchants have, ₦100m each? This country will never be truthful and stand their acts. They tell lies from one angle while their attention is hidden at another angle.”
Similarly, @ennyola006 said: “The Central Bank approach is counter-productive and needs to be stopped. After N50 levy on electronic transactions above N10, 000, u are here capping daily withdrawal limit on PoS.
“They should focus on improving the underlying infrastructure.
This includes expanding network coverage, reducing transaction fees and ensuring seamless transactions. By doing so, people will naturally gravitate towards digital payments without the need for restrictive cash withdrawal limits. It’s essential to put the horse before the cart and address the fundamental issues before imposing regulations.”
Other X users believe that the approach is a necessary step toward enforcing a cashless policy, potentially curbing crime and financial fraud associated with PoS usage.
One of users with this opinion @Vostephens said” “It appears this is CBN’s own way of further enforcing cashless policy. It’s the right thing to do. Hopefully, this move will also curb crime / financial fraud that PoS is often used to commit.”
Also, @Petitharzard in sharing this view stated that “kidnappers don get bad market this period cuz ATM and PoS withdrawal no fit pass 100k and if them collect transfer evidence don implicate them.”
