Deposit Money Banks in the Federal Capital Territory (FCT) have raised their maximum over-the-counter withdrawal limit to N50,000 per day.
A survey conducted by The Punch revealed that several banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, have significantly increased their withdrawal limits, up from N5,000 last month.
At the GTBank branch on Airport Road, customers were allowed to withdraw N50,000 over the counter, although the ATM withdrawal limit remained capped at N20,000. An official at the branch explained that the increase in withdrawal limits was due to an improved cash supply at the bank. “We now have more cash available, which is why we’ve increased the withdrawal limits,” the official stated.
However, Point of Sales (POS) operators have made it clear that the increased withdrawal limit will not result in a reduction of their service charges. Currently, POS operators charge N800 for withdrawals of N20,000 and N2,000 for withdrawals of N50,000.
One POS operator, Faith, explained that a steady and consistent cash supply would be needed to justify a reduction in service charges. “How can I reduce my charges just because banks are now offering N50,000? Let the cash supply be stable first, and then we can consider lowering the charges,” Faith said.
