Deposit Money Banks in the Federal Capital Territory have raised the daily maximum amount they allow for over-the-counter withdrawals to N50,000.
The withdrawal limit was raised by institutions, such as Guaranty Trust Bank and Zenith Bank, from N5,000 that was permitted to customers last month, according to a poll done by journalists on Tuesday.
Customers could withdraw up to N20,000 from the GTBank’s automated teller machines and N50,000 over the counter at the branch along the airport road.
According to an official the limit was raised since the bank now had more cash on hand.
Operators of point-of-sale systems have asserted that raising the withdrawal limit will not lower their service fees.
At the moment, POS operators charge N800 for N20,000 withdrawals and N2,000 for N50,000 withdrawals.
This comes after Deposit Money Banks’ automated teller machines have been continuously empty in recent months due to a persistently low cash availability.
Patrick Iyamabo, the Executive Director/Chief Financial Officer of First Bank, stated during the FBN Holdings Facts Behind the Rights Issue Presentation at the Nigerian Exchange Limited that the issue was not exclusive to any one bank but rather affected the entire industry.
it was gathered that several banks, mostly in the Federal Capital Territory, started a new round of cash restriction, limiting the daily maximum amount of money that may be taken out over the counter to between N5,000 and N20,000.
