The Federal Capital Territory’s Deposit Money Banks have raised their daily maximum over-the-counter withdrawal amount to N50,000.
According to a poll that our reporter conducted on Tuesday, banks such as Zenith Bank and Guarantee Trust Bank have raised the withdrawal limit, which was N5,000 last month.
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.
An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.
“We now have more cash and that is why we are giving out more money. Simple.”
Banks, others raised N2.7tn from capital market in 11 months — SEC
Meanwhile, 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.”
