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Banks Reduce Withdrawal Limits On Atms - Vanguard - Business (2) - Nairaland

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Firstbank ATMs – Accounts For 37% Of Bills Payment Services On ATMs In Nigeria / CBN Reviews Limits On Mobile Money Transaction, Balance / Banks Reduce Lending To Economy By N292bn In Q2 – Nbs (2) (3) (4)

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Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by sniperwolf(m): 7:53am On Aug 11, 2015
How will this bring about the change in the economy?
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by hazyfm1: 7:53am On Aug 11, 2015
NAH NAH NAH


CLOSING MY A/CS


LOOKING FOR A FOREIGN BANKER
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by donholy28(m): 7:53am On Aug 11, 2015
Freemanan:

Did you read the thread?
As long as na my money limit no supposed dey in addition to d money dem charge 4 using ATM
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:53am On Aug 11, 2015
SPG4U:
Dear Friedplantain, hmmmm u knw say after person write letter finish he fo write his name under


Dat was exactly wat u did by writing werey under ur comment
Well u gat a nice name though
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by brightleave(m): 7:54am On Aug 11, 2015
main while mchewwwwwww :-Xmain while mchewwwwwww
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by slap1(m): 7:54am On Aug 11, 2015
MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.
You've led the way.
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:54am On Aug 11, 2015
donholy28:
As long as na my money limit no supposed dey in addition to d money dem charge 4 using ATM
Okay. Sorry... I thought you know what the topic is about... Apologies...
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by grandstar(m): 7:56am On Aug 11, 2015
fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.

its wrong to call someone brainless. The man is a good banker but a lousy economist. He should be replaced

2 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by ZUBY77(m): 7:56am On Aug 11, 2015
Nonsense..

Great that I have 7 Atms here in Asia.
Always ahead.
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:56am On Aug 11, 2015
sniperwolf:
How will this bring about the change in the economy?

For now....it would hold down inflation....and buffer the value of the naira.

1 Like

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:57am On Aug 11, 2015
fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.
THERE IS NO NEW CBN MAN. ITS STILL THE SAME PERSON

1 Like

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by easyfem(m): 7:57am On Aug 11, 2015
let keep praying for buari
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by zicoraads: 7:57am On Aug 11, 2015
Adesiji77:
Really? If so, then online banking to the rescue... cool

Cc: lalasticlala
Am still trying to understand it, how is online banking to the rescue?
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by donholy28(m): 7:57am On Aug 11, 2015
Freemanan:

Okay. Sorry... I thought you know what the topic is about... Apologies...
u never dey situation way u need like 500k and d fastest way to withdraw na ATM den dem come say na only 60k u fit withdraw 4 d day...person wey u keep 4 hospital fit die sef

1 Like

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:58am On Aug 11, 2015
fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.

Well,you would STILL be able to withdraw up to N150000 on a card that is enabled for domestic transactions only. The policy affects ATM cards used for local and foreign transactions.

2 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:59am On Aug 11, 2015
What is the economic importance of this crazy policy. Abeg cbn make I no vex for una ooo
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 7:59am On Aug 11, 2015
donholy28:
u never dey situation way u need like 500k and d fastest way to withdraw na ATM den dem come say na only 60k u fit withdraw 4 d day...person wey u keep 4 hospital fit die sef

But before you could not withdraw up to N500000 in one day on an ATM in Nigeria.

And anyway.....use a chequebook.

1 Like

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 8:00am On Aug 11, 2015
dapyd1:
I'm not sure of the big-picture economic implication.
But I know it's going to put a strain on the business man on the street, and judging by the results of recent CBN policies,
I am not optimistic at all concerning the implications of this one either.


My thoughts exactly.

The Big picture is quite blurry. This is more like throwing the baby with the bath water.

CBN has consistently turned a blind eye to the real cause of all this mess. Banks are heavily engaged in round tripping and everyone pretends like they dont know. The banks have consistently heated up the financial atmosphere in Nigeria and now the whole thing is about to go burst and yet here again is CBN putting a hedge around them.

This does not sound good at all. Businesses that are still struggling to cope with the unusual terrain in Nigeria have finally being given the death kneel. Did they forget that people engage in normal transactions. N60,000. What is that supposed to do?

4 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by rexel99: 8:00am On Aug 11, 2015
[b]In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.[/b)

Junk journalism. It's sad that this came out fron a mainstream media company not an online medium. The withdrawal limit is still N150,000. The N60,000 on applies to withdrawals abroad. It's foolhardy to think the CBN would reduce the local withdrawal limit when the are trying to push forward the cashless policy.reducing local withdrawal has no bearing on tightening the naira freefall in the forex market.

8 Likes 1 Share

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by donholy28(m): 8:01am On Aug 11, 2015
bushdoc9919:


But before you could not withdraw up to N500000 on an ATM in Nigeria.
it seems u wr d one that didn't read
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by eunisam: 8:01am On Aug 11, 2015
mad policies,

good for students.

bad for business.

carrying my cash with me joor

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by cehnigeria: 8:03am On Aug 11, 2015
lets give Emefiele a benefit of doubt

Read Customer Relationship
Management articles @www.cehnigeria.com
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by shadowripper(f): 8:03am On Aug 11, 2015
Best way forward

You ask me why? Ask China.

This is another way of imposing what China did some years back. By pegging how we spend, we will focus on other areas that has been laying there just looking. Now, all attention will go to Aba made shoes instead of buying the italian one online for $1,298.

On the long run, we are making this country a better place forcefully.
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Reference(m): 8:03am On Aug 11, 2015
What kind of rubbish news is this. I've not been able to withdraw more than N60,000 cash a day for ages. I've gone completely cashless since late last year. My token has now become my new atm card as those around me know. 'Sorry, no cash. Give me your account number.' Hopefully for me the days of stinky, filthy currency will be over. They can limit it to N100 for all I care.

2 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by sexycristabel: 8:03am On Aug 11, 2015
http://surebrowsing.
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Sinbad2(m): 8:03am On Aug 11, 2015
This will increase robbery as those rogues now knows people will have money at home

1 Like

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 8:04am On Aug 11, 2015
donholy28:
it seems u wr d one that didn't read

I did...

From the article...


In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day

Your original comment implied that you could withdraw up to N500000 in one day from your account via ATM cards (which is not possible unless you have up to 3 cards attached to the account). And like I said....you can still withdraw the N500K.....via your chequebook.

2 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by anigold(m): 8:05am On Aug 11, 2015
ELVISHOT:



http://www.vanguardngr.com/2015/08/banks-reduce-withdrawal-limits-on-atms/

Are they fighting inflation or what?

is this how to fight devaluation of the naira.. What a primitive and ineffective measure instead of working on diversifying the economy and not dependent on crude oil revenue...

The problem is that our economy basically depends on the prices of crude oil on the international market...

Until when we improve other sectors like Agriculture, Technology,tourism etc; the value of the naira will still crash down like a pack of cards...
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Progressive15: 8:05am On Aug 11, 2015
This is another unfair policy on the part of banks.This is my mone and why now?
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Atlantian: 8:06am On Aug 11, 2015
I dont really understand why the Buhari administration is making life very difficult for the people. There is permanent scarcity of Petrol, now one can not even access own money. So, what am I supposed to do with 60k a day ? We are forced to go into the branch again when ATM was supposed to reduce the queues in the banking halls.

2 Likes

Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Progressive15: 8:07am On Aug 11, 2015
This is another unfair policy on the part of banks.This is my money and why now?There is God ooooo!

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