Deposit Money Banks in the Federal Capital Territory have raised the daily maximum over-the-counter withdrawal limit to ₦50,000.
This marks a significant increase from the ₦5,000 limit enforced last month.
A survey on Tuesday revealed that banks such as Guaranty Trust Bank and Zenith Bank have already implemented this adjustment to improve cash access for customers, according The PUNCH.
At the GTBank branch along Airport Road, customers could withdraw up to ₦50,000 over the counter, while the limit at its Automated Teller Machines was set at ₦20,000.
A bank official explained that the increase in withdrawal limits was due to improved cash availability.
“We now have more cash and that is why we are giving out more money. Simple,” he said.
Also, Point of Sales operators have clarified that the increase in bank withdrawal limits will not affect their service charges.
Presently, they charge ₦800 for withdrawals of ₦20,000 and ₦2,000 for withdrawals of ₦50,000.
A POS operator, Faith, stated that a steady supply of cash, rather than a one-time adjustment by banks, would be necessary to reduce service charges.
He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
