Banks Announce New Cash Withdrawal Limit for Customers as PoS Operators Adjust Charges
- Nigerian banks have made adjustments to their over-the-counter cash withdrawal limits for their customers
- The development is part of its efforts to ensure customers have enough cash for their daily transactions
- The move comes following Point-of-Sale operators' decisions to adjust charges due to the federal government's new EML levy
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian financial institutions have announced an adjustment to their maximum over-the-counter withdrawal limit, increasing it to N50,000 per day from the previous limit of N5,000, which was in effect last month.
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According to Punch, this development was observed in several bank branches in Abuja.
The report said banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, have made the adjustments.
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At the GTBank branch along Airport Road, customers could now withdraw up to N50,000 over the counter.
However, the withdrawal limit at the bank’s Automated Teller Machines (ATMs) remained at N20,000.
A bank official, who requested anonymity, attributed the adjustment to an increased supply of cash.
The official said:
“We now have more cash, and that is why we are giving out more money. Simple."
The decision to increase withdrawal limits is expected to help ease customer cash flow challenges.
Legit.ng earlier reported that the CBN instructed banks to ensure sufficient cash is available for customers at the counter and ATMs, warning that violations would result in penalties.
The CBN also released contact details for Nigerians to report erring banks across different states for possible sanction.
PoS operators announce new charges
In a related development, Legit.ng reported that POS operators have adjusted their withdrawal and deposit charges in response to the federal government's new electronic levy charges.
The FG new EML placed a charge of N50 for every N10,000 and above on the recipient’s accounts.
Adedayo Adeleke PoS operators said that due to the EMTL charges, instead of the usual N100 for N10,000, he will now charge between N125 and N150 for every N10,000.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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