Deposit Money Banks (DMBs) in Nigeria have started adjusting the daily maximum cash withdrawal limit of individual customers on automated teller machines (ATMs) to N200,000, following several weeks of complaints by depositors over difficulties in doing business transactions based on the limit.
The Central Bank of Nigeria (CBN) had, had as part of its Naira redesign policy and cash withdrawal measures last December, had, effective from January 9, 2023, set weekly cash withdrawals to N100,000 for individuals and N500,000 for organizations while daily cash withdrawals at point-of-sale (POS) terminals and ATMs were capped at N20,000.
On Wednesday, Zenith Bank informed its customers via email that they can now withdraw up to N200,000 per day from its ATM terminals nationwide, irrespective of the bank that issued their cards.
However, investigations by our correspondent still showed that the weekly cashless policy withdrawal limit of N500,000 for individuals had not been adjusted by the DMBs.
Experts strongly believe that other banks will adjust the daily withdrawal limits on ATM for their customers although none has made any official announcements to that effect.
When interacted with on Wednesday, a customer of one of the first generation banks in Abuja, who simple identified himself as Collins, lamented that he could only withdraw N40,000 maximum daily through ATM, adding that “when I couldn’t withdraw more than that, I had to enter the banking hall where I was allowed to make additional withdrawal through a POS. I think the CBN should direct all of them to increase the daily limits for customers’ convenience in order to grow the economy.”
Since the apex bank’s policy directive to DMBs and other financial institutions (OFIs) bank customers had been growing through a lot of challenges in their efforts to make withdrawals from their accounts, including exorbitant charges they faced in cash withdrawals through POS terminals.
