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BUSINESS

CBN fixes new transaction limits for contactless payments

June 29, 2023 • 1 min read

The Central Bank of Nigeria has fixed new transaction limits for contactless payments in the country and also set a date for implementation.

The new limits and effective date were contained in CBN’s Guidelines on Contactless Payments in Nigeria.

In a circular by its Director, Department of Payment Systems Management, Musa Jimoh, the CBN said contactless payments through accounts or wallets in Nigeria will have a transaction limit of N15,000 and a daily cumulative limit of N50,000 effective from June 27, 2023.

CBN lifts restrictions on access to domiciliary accounts
This means that customers can make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering their PIN or biometric verification.