Deposit Money Banks in the Federal Capital Territory (FCT) have raised the maximum over-the-counter withdrawal limit to N50,000 per day, a significant increase from the previous N5,000 limit. This change was confirmed by a survey conducted by The PUNCH on December 3, 2024.
Among the banks that have implemented this new limit are Guaranty Trust Bank (GTBank) and Zenith Bank. For instance, at the GTBank branch located along the airport road, customers were allowed to withdraw up to N50,000 over the counter, while the limit for Automated Teller Machines (ATMs) remained at N20,000. An official from the bank stated that the increase in the withdrawal limit is due to the bank’s improved cash availability.
As cash supply has stabilized, the new limits come as a relief for many customers who were previously restricted to much lower withdrawal amounts. However, the Point of Sale (POS) operators have made it clear that the increase in withdrawal limits will not result in a reduction of their service charges. For instance, the charge for a withdrawal of N50,000 at a POS remains N2,000, despite the banks’ higher limits. Faith, a POS operator, pointed out that it is a steady supply of cash, not a one-time adjustment by banks, that will lead to reduced service charges.
This development comes at a time when Nigerians have expressed mixed reactions to the Central Bank of Nigeria’s (CBN) recent cash withdrawal limit policy, which had caused disruptions and frustrations for many.