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backAt some point, adult life humbles everyone. You find yourself in a situation that feels exactly like that viral skit: “Yup, that’s me. You’re probably wondering how I got here.”
It’s a Thursday afternoon. You’re trying to send rent to your landlord, who hasn’t let you breathe all week. You open your banking app, enter the amount, and click send. But instead of the usual "Success" green tick, you see the dreaded words: “Transaction limit reached.”
Your balance is fine. The money is there. But the transfer? Not happening. If this has happened to you, trust us, you aren’t alone. These caps are a reality of the Nigerian financial system, designed to regulate cash flow and enhance security.
In this guide, we’ll break down the daily banking transaction limits in Nigeria, who sets them, and how you can increase your limits to keep your money moving.
Who Sets Banking Limits in Nigeria?
When a transfer fails, it’s easy to blame your bank. However, the "rules of the road" are actually written by the Central Bank of Nigeria (CBN).
The CBN’s Cashless Policy aims to reduce the amount of physical cash in circulation, encouraging safer digital payments. While the CBN sets the broad regulatory caps, individual banks (like GTBank, Zenith, or Moniepoint) may set specific internal limits based on your:
Account Tier/KYC Level (Know Your Customer)
Transaction Channel (ATM, USSD, or Mobile App)
Account Type (Personal vs. Business)
Daily Cash Withdrawal Limits in Nigeria
If you need physical cash, the CBN has specific daily and weekly ceilings to note.
1. ATM Withdrawals
The standard daily ATM withdrawal limit for individuals is ₦100,000.
Note: This is a cumulative limit. If you withdraw ₦60,000 from one bank's ATM and then attempt to withdraw another ₦50,000 at another bank, you will likely be declined because you've exceeded the ₦100,000 daily cap.
2. POS (Agent Banking) Cash-Out
POS agents are the lifelines of many neighbourhoods, but they operate under strict limits:
Individual Daily Cash-out: ₦100,000
Individual Weekly Limit: ₦500,000
Agent Cumulative Daily Limit: ₦1.2 million (If an agent has already paid out this much to other customers, they cannot process more cash-outs until the next day).
Weekly Cash Withdrawal Caps
The CBN also monitors your total "cash-out" behaviour over seven days. Even if you haven't hit your daily limit, you might hit your weekly ceiling:
Personal Accounts: ₦500,000 per week.
Business/Corporate Accounts: ₦5,000,000 per week.
Pro-Tip: If you must exceed these limits for an emergency, be prepared to pay a processing fee (usually 3% for individuals and 5% for corporates) and provide additional documentation at a bank branch.
Digital Transfer Limits (Mobile Apps & USSD)
While cash is restricted, digital transfers are much more flexible, provided your KYC (Know Your Customer) documentation is up to date. Using Moniepoint as a benchmark for modern Nigerian banking, here is how your verification level dictates your freedom:
Personal Account Limits
Level 1:
Single transaction: You can send or receive ₦50,000.
Daily limit: You can send or receive ₦300,000.
Level 2:
Single transaction: You can send or receive ₦100,000.
Daily limit: You can send or receive ₦500,000.
Level 3:
Single debit: You can send ₦5,000,000.
Daily debit (send): You can send ₦25,000,000.
Credit: While the amount you can receive is unlimited at this level.
Business Account Limits
For entrepreneurs, the limits are significantly higher to accommodate inventory and supplier payments:
Level 1:
Single transaction: You can send or receive a single amount of ₦50,000.
Daily limit: You can send or receive a total of ₦300,000 per day.
Level 2:
Single transaction: You can send or receive a single amount of ₦100,000.
Daily limit: You can send or receive a total of ₦500,000 per day.
Level 3:
Single debit: You can send a single amount of ₦5,000,000
Daily debit: You can send ₦25,000,000
Credit: You can receive an unlimited amount in this tier.
Level 4:
Single debit: You can send a single amount of ₦10,000,000
Daily debit: You can send a total daily amount of ₦25,000,000
Level 5:
Single debit: You can send a single amount of ₦100,000,000
Daily debit: You can send a total daily amount of ₦250,000,000
Credit: You can receive an unlimited amount in this level.
How to Increase Your Transaction Limits
Don’t let a "Limit Reached" message stall your business or life. You can usually increase your limits instantly by:
Linking your BVN/NIN: This is the baseline for moving past Level 1.
Uploading Valid ID: A Driver’s License, International Passport, or National ID card.
Proof of Address: A recent utility bill helps verify your residency and unlocks the highest tiers.
The Bottom Line
Banking limits in Nigeria aren't there to lock you away from your money, they are guardrails for a more secure, digital-first economy. By knowing your current KYC level and planning your large transactions across a few days (or upgrading your account), you can ensure you’re never stranded at the point of payment.
Ready to stop worrying about limits? Upgrade your banking experience today. Download the Moniepoint App, complete your KYC, and enjoy seamless, high-limit transactions for your personal or business needs.
