Banks increase withdrawal limit to N50,000

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Commercial financial institutions in Nigeria’s Federal Capital Territory have pegged the amount customers can withdraw over-the-counter per day to N50,000.

The new withdrawal limit from the Deposit Money Banks is an enormous increase from the previous allowable amount customers can withdraw inside the bank which was a paltry N5,000.

The raise in withdrawal limit has been effected by banks including Guaranty Trust Bank and Zenith Bank.

According to PUNCH, at the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.

On why the limit was raised, an official disclosed that the bank is now in possession of more cash and that is customers can now withdraw more.

“We now have more cash and that is why we are giving out more money. Simple.”

In a related development, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.

Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.

An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.

He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”

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