Reps Raise Panel for PoS, Cryptocurrency As CBN Announces New Cash Withdrawal Limits

• The House of Representatives has formed an ad hoc committee to review cryptocurrency and POS operations in Nigeria
• The committee will look at addressing fraud, cybercrime, terrorism financing, and consumer protection
• The Central Bank of Nigeria, on its part, has announced a new guideline for Point of Sales and agent banking

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The House of Representatives has taken steps to regulate cryptocurrency and Point-of-Sale (POS) operations in Nigeria.

Speaker Abbas Tajudeen has inaugurated an ad hoc committee to review the economic, regulatory, and security implications of digital financial transactions.

Speaking in Abuja on Monday, October 6, Tajudeen said the move was prompted by rising concerns over fraud, cybercrime, terrorism financing, and consumer exploitation associated with cryptocurrency and POS activities.

He said:

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“Nigeria’s economy has shown remarkable resilience over the years, recovering from recessions and recording growth in non-oil sectors, conditions that could enable cryptocurrency trade to thrive. However, the vulnerabilities in the system cannot be ignored.”

The Speaker spoke on the risks posed by the opaque nature of cryptocurrencies, lack of accountability, and the absence of clear regulatory rules, Dailytrust reports.

Tajudeen added.

“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House found it imperative to establish regulations and consumer protection measures that will guide the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets."

New committee for PoS, agent banking

The ad hoc committee, chaired by Rep. Olufemi Bamisile (APC–Ekiti), will hold public hearings to gather input from relevant stakeholders.

Bamisile acknowledged that while cryptocurrency and POS systems have enhanced commerce, financial inclusion, and innovation, they also pose significant risks, including fraud, money laundering, and terrorism financing.

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Bamisile said:

“The committee’s work will focus on crafting a legislative and regulatory framework that encourages innovation while safeguarding citizens and the financial system’s integrity."

He noted that the committee would work closely with agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC).

CBN announces new cash withdrawal limits

In a separate but related development, Legit.ng reported that the CBN has introduced new cash transaction limits for POS and agent banking.

Under the revised framework, agents can process up to N1.2 million cumulatively per day, while individual customers are limited to N100,000 in daily transactions.

The new guidelines also set limits on deposits and bill payments for individuals at N100,000 per day and N500,000 per week. The directive takes effect immediately.

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A circular from the CBN states:

“Customers using agent banking services are subject to a daily limit of N100,000 and a weekly limit of N500,000 for both cash-in (deposits) and cash-out (withdrawals). For bill payments, the maximum allowable transaction amount is N100,000 per day and N100,000 per week."

Source: Legit.ng