The Central Bank of Nigeria (CBN) has announced new guidelines for contactless payments through bank accounts or digital wallets, with effect from June 27, 2023.
The new guidelines set the daily cumulative transaction limit at ₦50,000 and a single transaction limit of ₦15,000. For transactions exceeding the set limits, appropriate verification and authorization will be required.
CBN's director of the Payments and Systems Management Department, Musa Jimoh emphasized that these new guidelines were part of the apex bank's mandate to ensure the safety and stability of the financial system and promote resilience and stability in the payments system.
Banks shall also determine appropriate transactions and daily limits, according to the guidelines issued by the CBN.
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