CBN reduces contactless payments to N50,000 daily

The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments through bank accounts or digital wallets.

The apex bank also limited the amount per transaction to N15,000 on contactless payments.

The CBN disclosed this on Tuesday in a circular titled “Transaction Limits on Contactless Payments.”

Musa Jimoh, Director, Payment System Management Department at CBN, who signed the circular, noted that contactless transactions above N50,000 would require appropriate verification going forward.

According to the circular: “Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000, and the cumulative daily limit maximum amount is N50,000.

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“Higher-value contactless payments are transactions exceeding the above-stated limits and require appropriate verification and authorisation.”