Deposit Money Banks in the Federal Capital Territory have raised the daily maximum over-the-counter withdrawal limit to N50,000, up from the previous N5,000
A survey conducted on Tuesday revealed that financial institutions, including Guaranty Trust Bank (GTBank) and Zenith Bank, have implemented the new withdrawal policy, citing increased cash availability as the primary reason.
At the GTBank branch along Airport Road, customers were permitted to withdraw up to N50,000 over the counter, while ATM withdrawals remained capped at N20,000.
A bank official attributed the change to improved cash flow. “We now have more cash, and that is why we are giving out more money. Simple,” the official stated.
However, Point of Sale (POS) operators expressed skepticism about the development, noting that the higher withdrawal limit would not immediately impact their service charges.
Currently, POS operators charge N800 for withdrawals of N20,000 and N2,000 for N50,000. Faith, a POS operator, argued that only a stable and consistent supply of cash by banks would lead to a reduction in service charges.
“How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce,” Faith said.
The move by banks to increase withdrawal limits comes amid ongoing efforts to address cash shortages and improve customer access to funds.
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