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JUST IN: Banks Increase ATM Daily Cash Withdrawal Limit To N200,000 (Photo)

Published

1 year ago

Jul 6, 2023.

Eko Hot Blog reports that Commercial banks in the country are gradually raising the daily withdrawal limit on automated teller machines (ATMs) to N200,000, several months after implementing restrictions on cash withdrawals.

In an email notice to customers sighted by Eko Hot Blog, Zenith Bank said customers can now ‘perform cash withdrawals of up to N200,000 per day’ at its ATM terminals across the country.

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This, it said, is irrespective of the bank that issued the card.

Thebank, however, stated that the N500,000 weekly cashless policy withdrawal limit for individuals still stands.

There are strong indications that other banks in the country might adopt a similar approach, permitting their customers to withdraw substantial sums, around N200,000, via ATM machines, even though they have not officially announced it.

Previously, Commercial Banks in the country had enforced a daily withdrawal limit of N20,000 specifically for ATM transactions made with cards issued by other banks. This limit was implemented as part of the naira redesign policy.

The Central Bank of Nigeria (CBN) had, last December, limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations. It also set daily cash withdrawals at point of sale (POS) and ATM terminals at N20,000 per day, with the directive taking effect from January 9, 2023.

Customers had taken to actively searching for their own bank’s ATMs in order to make multiple withdrawals, or alternatively, resorting to in-person cash withdrawals at the bank’s counter.

A circular issued by the apex bank during the period stated that “the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”

However, the limitations imposed on point of sale (POS) transactions and specific denominations have not been effectively maintained. Cash withdrawals through POS terminals have exceeded the N20,000 limit, while ATMs continue to dispense only N1,000 and N500 banknotes.