Banks raise daily cash withdrawal limit to ease customers
By Felicia Nwosu
To bring some relief to customers and to reduce the number of the mammoth crowd trooping in some banks, Deposit Money Banks (DMBs) across the country have increased their daily cash withdrawal limits from the ₦20,000 – ₦50,000 range to over ₦80,000 – ₦100,000.
This is to cushion the harsh effects of the Naira scarcity and also to reduce the number of customers hovering around banks in search for cash as the Central Bank lifted its siege for cash to flow freely some days ago. This was after the Nigeria Labour Congress, NLC, threatened to embark on a nationwide strike, irrespective of the supreme court’s verdict of March 3, 2023, which ruled that all the old notes should be accepted as legal tender till December 31, 2023.
Previously, in the peak of the cashless policy torture, the Central Bank of Nigeria, (CBN) had restricted over-the-counter cash withdrawals by individuals and organisations to ₦100,000 and ₦500,000, respectively, per week.
It also limited cash withdrawals via point-of-sale machines and automated teller machines to ₦20,000 daily and ₦100,000 weekly, respectively.
Customers had thronged banks since then to get cash but most times were met with heavy crowds as the ATMs were yet to dispense cash.
To mitigate the crises, the CBN last week announced the release of billions of old naira notes to DMBs to ensure there was enough cash in circulation.
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