Central Bank of Nigeria Raises Withdrawal Limit.
The Central Bank of Nigeria (CBN) has instructed Deposit Money Banks in the Federal Capital Territory to increase their maximum over-the-counter withdrawal limit to N50,000 per day.
This move aims to ease customer cash flow challenges and provide more convenient access to cash.
How the New Withdrawal Limit Affects You.
The increased withdrawal limit applies to banks such as Guaranty Trust Bank and Zenith Bank.
At GTBank branches, customers can now withdraw up to N50,000 over the counter, while the withdrawal limit at Automated Teller Machines (ATMs) remains N20,000.
Reasons Behind the Increased Withdrawal Limit.
According to bank officials, the increased withdrawal limit is due to an increased supply of cash.
With more cash available, banks are now able to provide higher withdrawal limits to their customers.
“We now have more cash and that is why we are giving out more money. Simple.”
Impact on Point of Sales (POS) Operators
While the increased withdrawal limit may provide more convenience for customers.
POS operators have stated that it will not reduce their service charges.
Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.
An operator, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.
“How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increase.
CBN’s Efforts to Enhance Cash Availability.
The CBN has instructed banks to ensure sufficient cash is available for customers at the counter and ATMs.
The apex bank has also released contact details for Nigerians to report erring banks across different states for possible sanction.
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