The Central Bank of Nigeria, CBN, has placed a N50,000 daily limit on contactless payments either 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 yesterday in a circular titled, “Transaction Limits on Contactless Payments.
The circular signed by the Director, Payment System Management Department, CBN, Mr. Musa Jimoh stated that this followed the risks associated with contactless payments which the Bank defines as transaction limits above which verification and authorisation are required.
The Transaction limit maximum amount is N15,000 and daily cumulative limit maximum amount is N50,000.
Higher-value contactless payments and transactions that exceed the above stated limits will require appropriate verification and authorisation.
The bank further stated that limits above the stipulated daily cumulative limit shall be conducted using contact-based technology
