Topic: CBN 1.2 million POS Daily limit will Affect crypto p2p market (Read 34 times)

Update locking the thread due to the controversy around the new policy, sad but this thread is going to be open later on when we have clear road map on the policy executions, but from the look of thing's we may all have to deal with the use of alternative payment systems like bitcoin or stable coins since in the coming Year 2025, since the central bank of Nigeria will be limiting individual daily spending on their own money and high taxation on those spending.

I don't  think there are any much worries here because this is only affecting POS agents, while there are now individual withdrawal  cash limits, this is just to foster electronic transfer. We can still get money from the banks itself but I guess it might be stressful but according to the link you shared it has been said that governments are planning on sanctioning banks if they don't fill their ATMs.

I don't know if I am missing something here. I have seen this news but from what I got from the news the Central Bank of Nigeria has limited the transactions done on POS to 100k honestly I don't see how this negatively affect POS or even Crypto-currency.

Honestly the greed and incompetence of the Nigerian bank has made us think POS is our only source to cash(FIAT) I think 100k POS withdrawal limit for an individual is very safe. Before now criminal can be able to make use of POS service to withdraw huge amount of money or even corrupt police makes use of POS to extort money but this limit can help cut this issues to a bearable figure. To me this is a welcome development if you look at it critically.

The implications of this regulations is that, cryptocurrency p2p merchants will be limited to 1.2 million naira daily transactions limits instead of the old unlimited transactions limits that enable them complete unlimited p2p deals daily, I related this new CBN POS guidelines to cryptocurrency p2p because we are in bitcoin/cryptocurrency forum but the impact of this is not limited to crypto p2p alone, even gold seller's and all other businesses will be affected since all of them depends on POS to get large transactions through.

i am still trying to understand how this relates to crypto even after i have read through the entire article. i think what the CBN is trying to do is to encourage people to patronize commercial banks and electronic banking systems and not necessarily creating a policy that has the potential of affecting the p2p market.

the article states that the maximum amount POS operate can transact a day is 1.2 million and that has little or nothing to do with the customers who can carry out their p2p transaction using multiple banks be it commercial or micro finance banks. even on the part of POS operators, i think it is easy to bypass this process as long as you are using more than one machine. if you are operating in an environment that allows you to transact above that amount, it's just to make use of different POS machine from different companies and still carry out your transaction.

fintech has spoilt business for most commercial banks that pays more tax to the government and the only thing the CBN and the government are doing is to inconvenience users of these micro finance banks so they can shift back to the regular commercial banks. i might have understood it wrongly but this might never affect the depreciation of the naira in any way positive or negative. in the end, the policy will still affect POS operators of both commercial banks and micro finance banks because they all have POS agent.

No be news again with the recent climb down  on cryptocurrency merchants and POS agent's around the country, CBN in it quest to limit the financial strength of individuals banking and agent banking, this move have become increasingly negative on the merchants and P2p trader's within the cryptocurrency space in Nigeria.


The latest regulations means that no p2p merchant can perform more that 1.2 million naira transactions daily and we all know the volume of p2p pos dependence by merchants most especially those with high volumes trading amount.

The implications of this is that, we may have limited buy order requests on p2p I the coming year since most p2p merchants will run out of daily with just few transactions, this could force the price of dollars to come down on the p2p market place.

What do you guys think about this development!
Read news:
https://businessday.ng/technology/article/cbn-slams-n1-2m-daily-limit-on-pos-agents/