Deposit Money Banks in the Federal Capital Territory have raised the daily maximum over-the-counter withdrawal limit to N50,000, according to findings by The PUNCH.
A survey conducted on Tuesday revealed that banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, had adjusted their withdrawal limits upward from the N5,000 previously allowed last month.
At the GTBank branch along the Airport Road, customers were permitted to withdraw up to N50,000 over the counter, while ATM withdrawals were capped at N20,000.
A bank official explained that the increase was due to improved cash availability, stating, “We now have more cash, and that is why we are giving out more money. Simple.”
However, Point of Sale (POS) operators indicated that the increase in withdrawal limits would not immediately impact their service charges. Currently, POS operators charge N800 for a N20,000 withdrawal and N2,000 for a N50,000 withdrawal.
One operator, Faith, argued that only a consistent cash supply from banks could lower service charges. “How will I reduce my charges because banks are now giving N50,000? Let it be stable first; then it would reduce,” he said.
