GTB, Zenith, Others Announce New Withdrawal Limits as Cash Scarcity Heightens
- The maximum amount of N20,000 that multiple account holders can withdraw from ATMs may have been set by commercial banks
- The cash shortage has gotten worse recently, even though the CBN warned that commercial banks would face sanctions
- Point-of-sale agents pleaded with bank representatives to facilitate business dealings for POS operators
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
It appears there is no end in sight to the low cash supply by commercial banks as customers encounter growing challenges when trying to withdraw cash.
Source: Getty Images
There are indications that commercial banks have also restricted the amount of money that numerous account holders can withdraw from Automated Teller Machines (ATMs) to N20,000.
Despite a warning by the Central Bank of Nigeria (CBN) to impose sanctions on commercial banks, the cash shortage has gotten worse recently, according to Daily Trust.
This is despite the fact that there is already over N4.3 trillion in circulation, which has continued to rise over the past year.
At the Chartered Institute of Bankers of Nigeria (CIBN) annual Bankers' Dinner in Lagos, CBN governor Olayemi Cardoso recently gave the assurance that the bank would continue to maintain a strong cash offering to meet the needs of the nation, especially during times of high demand like the holidays and year-end.
According to reports from all throughout the nation, consumers were still experiencing trouble using ATMs or banks to withdraw cash.
Customers with numerous accounts are only permitted to withdraw N20,000 per day from ATMs, according to information obtained.
After taking out N20,000 from his first account, a bank customer informed our reporter that he was unable to withdraw any further money from his other account.
“Because I needed more cash, I used another ATM card to make further withdrawals but I got a response that the daily withdrawal limit has been exceeded,” the customer said.
Even while some ATMs set the maximum withdrawal from other banks at N5,000, findings have shown that the withdrawal limit fluctuates based on the amount of cash available.
Additional research revealed that a person might withdraw N5,000 from each of two ATM cards issued by different banks.
The ATM and over-the-counter withdrawal limits for GTB customers were set at N20,000.
One of the bank officials who was asked about the withdrawal limit said: “It depends on the availability of cash but now the limit is N20,000.”
According to information our reporter obtained from FCMB, the withdrawal cap for FCMB customers was set at N40,000, while the cap for other banks was set at N20,000.
Additionally, it was discovered that Zenith Bank had a N20,000 withdrawal cap.
Mosuru Oluwasegun, a point-of-sale (POS) agent, begged bank officials to make it easier for POS operators to conduct business, citing the N5000 withdrawal cap as an unimaginable burden.
“We are facing serious problems with scarcity of cash, it has not been easy as banks do not dispense enough money. They dispense only N5,000, which is not enough for us to do our business,” he added.
CBN names those behind cash scarcity
Legit.ng reported thatIt appears there is no end in sight to the low cash supply by commercial banks as customers encounter growing challenges when trying to withdraw cash.
There are hints that commercial banks have also restricted the amount of money that numerous account users can withdraw from Automated Teller Machines (ATMs) to N20,000.
Despite a warning by the Central Bank of Nigeria (CBN) to impose sanctions on commercial banks, the cash shortage has gotten worse recently, according to Daily Trust.
This is despite the fact that there is already over N4.3 trillion in circulation, which has continued to rise over the past year.
At the Chartered Institute of Bankers of Nigeria (CIBN) annual Bankers' Dinner in Lagos, CBN governor Olayemi Cardoso recently gave the assurance that the bank would continue to maintain a strong cash offering to meet the needs of the nation, especially during times of high demand like the holidays and year-end.
According to reports from all throughout the nation, consumers were still experiencing trouble using ATMs or banks to withdraw cash.
Customers with numerous accounts are only permitted to withdraw N20,000 per day from ATMs, according to information obtained.
After taking out N20,000 from his first account, a bank customer informed our reporter that he was unable to withdraw any further money from his other account.
“Because I needed more cash, I used another ATM card to make further withdrawals but I got a response that the daily withdrawal limit has been exceeded,” the customer said.
Even while some ATMs set the maximum withdrawal from other banks at N5,000, findings have shown that the withdrawal limit fluctuates based on the amount of cash available.
Additional research revealed that a person might withdraw N5,000 from each of two ATM cards issued by different banks.
The ATM and over-the-counter withdrawal limits for GTB customers were set at N20,000.
One of the bank officials who was asked about the withdrawal limit said,
“It depends on the availability of cash but now the limit is N20,000.”
According to information our reporter obtained from FCMB, the withdrawal cap for FCMB customers was set at N40,000, while the cap for other banks was set at N20,000.
Additionally, it was discovered that Zenith Bank had a N20,000 withdrawal cap.
Mosuru Oluwasegun, a point-of-sale (POS) agent, begged bank officials to make it easier for POS operators to conduct business, citing the N5000 withdrawal cap as an unimaginable burden.
“We are facing serious problems with scarcity of cash, it has not been easy as banks do not dispense enough money. They dispense only N5,000, which is not enough for us to do our business,” he added.
CBN names those behind cash scarcity
Legit.ng reported that one of the main causes of the continuous cash shortage that affects millions of Nigerians is the preferential treatment of VIP clients by commercial banks.
This is according to the Central Bank of Nigeria (CBN).
According to a CBN source cited by the Nation, VIP clients frequently receive preferential treatment and have their money held for their use, while other customers have trouble getting their money at ATMs and at counters.
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Source: Legit.ng
