Lawmakers Urge CBN To Review Online Transactions Limits

The House of Representatives has urged the Central Bank of Nigeria (CBN) to review the limits placed on online transactions upwards.

The lawmakers are asking the apex bank to move the limits from 300 thousand Dollars to 500 thousand Dollars and point of sale transactions from one thousand dollars to five thousand dollars.

Their request came on Tuesday after deliberations  on a motion  by Representative Edward Pwajok on the challenges being faced by Nigerians in the course of their financial transactions.

The motion was unanimously supported by members and passed, mandating its Committee on Banking to examine the implementation of the cashless policy by business outfits and government agencies in Nigeria.

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