New Cash Withdrawal Limit Policy Will Tackle Electronic Fraud — CBN
The Central Bank of Nigeria, CBN says its current cash withdrawal limit policy would help in tackling electronic fraud.
CBN Director of the Payments System Management Department, Musa Jimoh, made this known on Saturday in Lagos.
He also disclosed that as electronic payments continued to gain traction, fraudulent transactions in 2022 reduced by 35 per cent.
Speaking at the Nigeria Electronic Fraud Forum meeting, Jimoh said the new policy would prevent criminals from defrauding innocent people because of the withdrawal limits which would automatically trace and block such compromised accounts before the money is illegally withdrawn.
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