Nigerian central bank caps contactless payments
Move limits consumers’ daily contactless payments to $66
Nigeria’s central bank imposed a 50,000 naira ($66) daily cap on each individual consumer’s contactless payments on June 27 and limited individual contactless payments to 15,000 naira.
In its circular, the Central Bank of Nigeria (CBN) cited “the risks associated with contactless payments”, and the need for “verification and authorisation” of larger payments. It also published a set of guidelines for contactless payments alongside the circular.
According to the 2022 Global Payments Report
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