There are indications that deposit money banks in the country have increased the daily withdrawal limit on automated teller machines (ATMs) to N200,000.
Prior to now, most banks had placed a daily withdrawal limit of N20,000 on their ATM terminals for cards issued by other banks.
The limit was been put in place during the naira redesign policy, following the directive by the Central Bank of Nigeria (CBN) that 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 effect from January 9, 2023.
However, in an email notice to customers on Wednesday, Zenith Bank said customers could now “perform cash withdrawals of up to N200,000 per day” at its ATM terminals across the country.
This, it said, was regardless of the bank that issued the card.
The bank, however, noted that the N500,000 weekly cashless policy withdrawal limit for individuals remained in force.
It is expected that other banks will follow suit in the coming days even as they’re yet to make announcements to this effect.
