CBN Caps Daily Agent Banking Transactions At ₦1.2 Million

THE Central Bank of Nigeria (CBN) has set a ₦1.2 million daily limit for cash-out transactions by agent bankers under new operational guidelines aimed at improving transparency, consumer protection, and financial inclusion.

The circular, signed by CBN’s Director of Payments System Policy, Musa Jimoh, mandates all agent transactions to be carried out via dedicated accounts or wallets, with real-time settlements and automatic rejections for suspicious transactions.

Agents must operate only within approved locations, while financial institutions are required to publish and update their agent lists. Super-agents must maintain at least 50 agents across Nigeria’s six geopolitical zones.

The guidelines, effective immediately, warn that violations may attract sanctions including blacklisting or licence revocation. The CBN said the framework seeks to strengthen oversight and trust in Nigeria’s fast-growing financial services sector.