BREAKING: CBN Imposes ₦20,000 Limit on New Banking Apps

BREAKING: CBN Imposes ₦20,000 Limit on New Banking Apps
The Central Bank of Nigeria (CBN) has announced a new restriction for newly activated mobile banking applications. Effective immediately, users will be limited to ₦20,000 in transfers during the first 24 hours after activating their banking app.
This move is part of the CBN’s ongoing effort to strengthen security in digital banking and prevent fraud, ensuring safer financial transactions for Nigerians.
In addition, the CBN has introduced new measures allowing customers to opt out of instant bank transfers, giving users more control over their accounts and helping curb unauthorized transactions.
Experts say this policy aligns with broader initiatives to protect consumers and promote safer electronic payments across the country.
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