Months after banks restricted withdrawals on automated teller machines (ATMs), commercial banks in Nigeria are now increasing the maximum amount of cash customers can withdraw on a daily basis to N200,000.
Before now, most banks had put a limit of N20,000 daily withdrawal on their ATM terminals mainly for cards issued by other banks. The limit had been put in place during the naira redesign policy.
The Central Bank of Nigeria (CBN) had, at last year, 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.
In an emailed notice to customers yesterday, Zenith Bank said customers can now ‘perform cash withdrawals of up to N200,000 per day’ at its ATM terminals across the country.
Other banks in the country are likely to follow this path, by allowing their customers to withdraw, through ATM terminals at large amounts within the range of N200,000.
The bank, however, stated that the N500,000 weekly cashless policy withdrawal limit for individuals still stands.
Customers had resorted to seeking out their bank ATMs where they could make more withdrawals, or making cash withdrawals over the counter.
This new increase in withdrawal amount, would benefit the masses instead spending hours in bank queue. However, it puts users at more risk in incidents of ATM card thefts or robbery.